Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 23, 2017 | Sep. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | IXYS CORP /DE/ | ||
Entity Central Index Key | 945,699 | ||
Trading Symbol | IXYS | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 32,014,315 | ||
Entity Public Float | $ 302,897,030 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 167,904 | $ 155,806 |
Restricted cash | 1,330 | 277 |
Accounts receivable, net | 41,167 | 38,440 |
Inventories | 89,436 | 89,604 |
Prepaid expenses and other current assets | 3,977 | 4,203 |
Total current assets | 303,814 | 288,330 |
Property, plant and equipment, net | 42,240 | 42,623 |
Acquired intangible assets | 2,984 | 7,607 |
Goodwill | 42,227 | 42,355 |
Deferred income taxes | 24,739 | 28,024 |
Other assets | 17,975 | 13,762 |
Total assets | 433,979 | 422,701 |
Current liabilities: | ||
Current portion of loans payable | 1,058 | 1,804 |
Accounts payable | 11,409 | 11,416 |
Accrued expenses and other current liabilities | 25,347 | 21,290 |
Total current liabilities | 37,814 | 34,510 |
Long term loans, net of current portion | 76,791 | 85,253 |
Pension liabilities | 14,901 | 16,307 |
Other long term liabilities | 6,618 | 7,336 |
Total liabilities | 136,124 | 143,406 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value:Authorized: 5,000,000 shares; none issued and outstanding | ||
Common stock, $0.01 par value: Authorized: 80,000,000 shares; 38,326,329 issued and 31,912,021 outstanding at March 31, 2017 and 38,214,158 issued and 31,375,524 outstanding at March 31, 2016 | 383 | 382 |
Additional paid-in capital | 217,355 | 214,045 |
Treasury stock, at cost: 6,414,308 common shares at March 31, 2017 and 6,838,634 common shares at March 31, 2016 | (58,347) | (61,845) |
Retained earnings | 167,009 | 146,979 |
Accumulated other comprehensive income (loss) | (28,545) | (20,266) |
Total stockholders' equity | 297,855 | 279,295 |
Total liabilities and stockholders' equity | $ 433,979 | $ 422,701 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 38,326,329 | 38,214,158 |
Common stock, shares outstanding (in shares) | 31,912,021 | 31,375,524 |
Treasury stock, shares (in shares) | 6,414,308 | 6,838,634 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net revenues | $ 322,123 | $ 317,209 | $ 338,767 |
Cost of goods sold | 216,541 | 217,451 | 236,802 |
Gross profit | 105,582 | 99,758 | 101,965 |
Operating expenses: | |||
Research, development and engineering | 30,538 | 29,986 | 26,667 |
Selling, general and administrative | 41,733 | 38,384 | 41,810 |
Amortization of acquisition-related intangible assets | 3,068 | 5,555 | 5,978 |
Write-down of goodwill and other intangibles | 1,391 | ||
Total operating expenses | 76,730 | 73,925 | 74,455 |
Operating income | 28,852 | 25,833 | 27,510 |
Other income (expense): | |||
Interest income | 265 | 212 | 240 |
Interest expense | (2,545) | (1,641) | (1,397) |
Other income (expense), net | 2,328 | (915) | 4,077 |
Income before income tax provision | 28,900 | 23,489 | 30,430 |
Provision for income tax | (7,552) | (8,748) | (6,690) |
Net income | $ 21,348 | $ 14,741 | $ 23,740 |
Net income per share: | |||
Net income per share - basic (in dollars per share) | $ 0.68 | $ 0.47 | $ 0.75 |
Net income per share - diluted (in dollars per share) | 0.66 | 0.46 | 0.74 |
Cash dividends per common share (in dollars per share) | $ 0.04 | $ 0.155 | $ 0.135 |
Weighted average shares used in per share calculation: | |||
Basic (in shares) | 31,544 | 31,579 | 31,531 |
Diluted (in shares) | 32,248 | 32,381 | 32,239 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 21,348 | $ 14,741 | $ 23,740 |
Foreign currency translation adjustments | (8,594) | 2,938 | (24,112) |
Changes in market value of investments: | |||
Changes in unrealized gains (losses), net of income taxes of $(82) in 2017, $(231) in 2016 and $(825) in 2015, respectively | (106) | (362) | (1,536) |
Reclassification adjustment for net losses (gains) realized in net income, net of income taxes of $(19) in 2017, $182 in 2016 and $655 in 2015, respectively | (31) | 273 | 1,218 |
Net change in market value of investments | (137) | (89) | (318) |
Changes in accumulated net actuarial income (loss): | |||
Changes in accumulated net actuarial income (loss), net of income taxes of $100 in 2017, $(634) in 2016 and $(960) in 2015, respectively | 196 | (71) | (3,830) |
Reclassification adjustment for net losses (gains) realized in net income, net of income taxes of $131 in 2017, $393 in 2016 and $36 in 2015, respectively | 256 | 44 | 143 |
Net changes in defined benefit plan accumulated net actuarial income (loss) | 452 | (27) | (3,687) |
Other Comprehensive Income (Loss) | (8,279) | 2,822 | (28,117) |
Total comprehensive income (loss) | $ 13,069 | $ 17,563 | $ (4,377) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Taxes (benefits) on changes in unrealized gain (loss) | $ (82) | $ (231) | $ (825) |
Taxes on reclassification adjustment for sales of securities included in net income | (19) | 182 | 655 |
Other comprehensive (income) loss, pension and other postretirement benefit plans, before reclassification adjustments, tax expenses (benefits) | 100 | (634) | (960) |
Other comprehensive (income) loss, reclassification adjustment AOCI, pension and other postretirement benefit plans, tax benefits (expenses) | $ 131 | $ 393 | $ 36 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Mar. 31, 2014 | 38,017 | 6,663 | |||
Balance at Mar. 31, 2014 | $ 206,670 | $ (58,782) | $ 117,715 | $ 5,029 | $ 270,632 |
Net income | 23,740 | 23,740 | |||
Other comprehensive income (loss) | (28,117) | (28,117) | |||
Stock-based compensation | $ 2,867 | 2,867 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 100 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ 551 | 551 | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (221) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 1,949 | (58) | 1,891 | ||
Dividends | (4,263) | (4,263) | |||
Balances (in shares) at Mar. 31, 2015 | 38,117 | 6,442 | |||
Balance at Mar. 31, 2015 | $ 210,088 | $ (56,833) | 137,134 | (23,088) | 267,301 |
Net income | 14,741 | 14,741 | |||
Other comprehensive income (loss) | 2,822 | 2,822 | |||
Stock-based compensation | $ 3,343 | 3,343 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 97 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ 996 | 996 | |||
Purchase of treasury stock (in shares) | 772 | ||||
Purchase of treasury stock | $ (8,352) | (8,352) | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (375) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 3,340 | 3,340 | |||
Dividends | (4,896) | (4,896) | |||
Balances (in shares) at Mar. 31, 2016 | 38,214 | 6,839 | |||
Balance at Mar. 31, 2016 | $ 214,427 | $ (61,845) | 146,979 | (20,266) | 279,295 |
Net income | 21,348 | 21,348 | |||
Other comprehensive income (loss) | (8,279) | (8,279) | |||
Stock-based compensation | $ 3,438 | 3,438 | |||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others (in shares) | 112 | ||||
Proceeds from sale of shares through employee equity incentive plans, related excess tax benefits and others | $ (127) | (127) | |||
Purchase of treasury stock (in shares) | 96 | ||||
Purchase of treasury stock | $ (1,213) | (1,213) | |||
Re-issuance of treasury stock under stock compensation plans (in shares) | (521) | ||||
Re-issuance of treasury stock under stock compensation plans | $ 4,711 | (60) | 4,651 | ||
Dividends | (1,258) | (1,258) | |||
Balances (in shares) at Mar. 31, 2017 | 38,326 | 6,414 | |||
Balance at Mar. 31, 2017 | $ 217,738 | $ (58,347) | $ 167,009 | $ (28,545) | $ 297,855 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 21,348 | $ 14,741 | $ 23,740 |
Adjustments to reconcile net income to net cash provided by operating activities, net of assets acquired and liabilities assumed: | |||
Depreciation and amortization | 10,597 | 13,981 | 17,311 |
Provision for receivable allowances | 10,854 | 6,795 | 8,935 |
Write-down of goodwill and other intangibles | 1,391 | ||
Net change in inventory provision | 2,172 | 1,576 | 2,852 |
Stock-based compensation | 3,438 | 3,343 | 2,867 |
Loss (gain) on investments | (808) | 605 | 1,785 |
Deferred income taxes | 3,174 | 3,768 | 1,340 |
Foreign currency adjustments on intercompany amounts and other non-cash items | (173) | 63 | (5,020) |
Changes in operating assets and liabilities, net of business acquired: | |||
Accounts receivable | (14,299) | (2,238) | (7,342) |
Inventories | (5,527) | (7,702) | (2,203) |
Prepaid expenses and other assets | 162 | (1,320) | 5,931 |
Accounts payable | (529) | (2,173) | (2,646) |
Accrued expenses and other current liabilities | 3,577 | (693) | 2,058 |
Pension liabilities | (840) | (1,153) | (1,414) |
Net cash provided by operating activities | 34,537 | 29,593 | 48,194 |
Cash flows from investing activities: | |||
Purchase of businesses, net of cash and cash equivalents acquired and installment payments | (14,472) | (2,297) | |
Purchases of investments | (4,725) | (629) | (5,887) |
Purchases of plant and equipment | (7,377) | (7,110) | (7,018) |
Proceeds from sale of investments | 810 | 26 | 54 |
Proceeds from sale of fixed assets | 99 | ||
Net cash used in investing activities | (11,193) | (22,185) | (15,148) |
Cash flows from financing activities: | |||
Principal payments on capital lease obligations | (472) | (2,414) | |
Repayments of loans and notes payable | (9,051) | (47,606) | (1,144) |
Installment payments for business acquisition | (30,000) | ||
Proceeds from loans | 82,967 | 30,000 | |
Purchases of treasury stock | (1,213) | (8,352) | |
Payments of cash dividends to stockholders | (1,258) | (4,896) | (4,263) |
Proceeds from employee equity plans | 4,524 | 4,336 | 2,692 |
Net cash provided by (used in) financing activities | (6,998) | 25,977 | (5,129) |
Effect of exchange rate fluctuations on cash and cash equivalents | (3,195) | 1,268 | (5,262) |
Net increase in cash and cash equivalents | 13,151 | 34,653 | 22,655 |
Cash and cash equivalents and restricted cash at beginning of the year (1) | 156,083 | 121,430 | 98,775 |
Cash and cash equivalents and restricted cash at end of the year (2) | 169,234 | 156,083 | 121,430 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 2,545 | 1,992 | 2,172 |
Cash paid during the period for income taxes | $ 3,985 | $ 5,669 | $ 1,416 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Apr. 01, 2016 | Mar. 31, 2016 | Apr. 01, 2015 | Mar. 31, 2015 | Apr. 01, 2014 |
Restricted cash | $ 1,300 | $ 277 | $ 277 | $ 266 | $ 266 | $ 337 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Description of Business We design, develop, manufacture and market power semiconductors, digital and analog integrated circuits, or ICs, and systems and radio frequency, or RF, power semiconductors. Power semiconductors are used primarily in controlling energy in motor drives, power conversion including uninterruptible power supplies and switch mode power supplies and medical electronics. Our power semiconductors convert electricity at relatively high voltage and current levels to create efficient power as required by a specific application. Our target market includes segments of the power semiconductor market that require medium to high power semiconductors, with a particular emphasis on high power semiconductors. Our power semiconductors include power metal-oxide-silicon field-effect transistors, or MOSFETs, insulated-gate bipolar transistors, or IGBTs, thyristors and rectifiers, including fast-recovery epitaxial diodes, or FREDs. Our ICs include solid state relays, or SSRs, for telecommunications applications and power management and control ICs, such as current regulators, motion controllers, digital power modulators and drivers, and microcontrollers such as embedded flash microcontrollers and 8 We sell products in North America, Europe and the Middle East and Asia through an organization that includes direct sales personnel, independent representatives and distributors. We are headquartered in Northern California with principal operations in Massachusetts, the Netherlands, Germany, the Philippines and the United Kingdom, or UK. Each site has manufacturing, research and development and/or sales and distribution activities. We also make use of subcontract manufacturers for fabrication of wafers and for assembly and test operations. Our fiscal years end on March 31. March 31 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of IXYS Corporation and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. Foreign Currency Translation and Transaction The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. Among them, IXYS Semiconductor GmbH, or IXYS GmbH, utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are typically met when title to the products is passed to the buyer, which is generally when product is shipped to the customer with sales terms ex-works, or when product is delivered to the customer with sales terms delivered duty paid. We sell to distributors and original equipment manufacturers. Revenues from distributors were approximately 58.7%, 56.7% 55.6% 2017, 2016 2015, We provide some of our distributors with the following programs: stock rotation and ship and debit. Reserves for sales returns and allowances, including allowances for “ship and debit” transactions, are recorded at the time of shipment, and are based on historical levels of returns, current economic trends and changes in customer demand. We state our revenues net of any taxes collected from customers that are required to be remitted to various government agencies. The amount of taxes collected from customers and payable to governmental entities is included on the balance sheet as part of “Accrued expenses and other current liabilities.” Allowance for sales returns. not not Allowance for stock rotation. six March 31, 2017, 2016 2015, $1,459,000, $1,494,000 $1,741,000, The allowance, which is management’s best estimate of future returns, is based upon the historical experience of returns and inventory levels at the distributors. This allowance is included as part of “Accounts receivable, net” on the balance sheet and as a reduction of revenues in the statement of operations. Should distributors increase stock rotations beyond our estimates, these statements would be adversely affected. Allowance for ship and debit. no may Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period. Additions to the allowance reduce revenues and gross profit in the period. The following table sets forth the beginning and ending balances of, additions to, and deductions from, our allowance for ship and debit during the three March 31, 2017 ( Balance March 31, 2014 $ 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 866 Additions 7,363 Deductions (6,680 ) Balance March 31, 2017 $ 1,549 Trade accounts receivable and allowance for doubtful accounts. not may may Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three Restricted Cash Restricted cash balances at March 31, 2017 March 31, 2016 $1.3 $277,000, March 31, 2017 €1.0 $1.1 2017. December 29, 2017 , Inventories Inventories are recorded at the lower of standard cost, which approximates actual cost on a first first , requires certain abnormal expenditures to be recognized as expenses in the current period instead of capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may may Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. not not The following table provides information on our excess and obsolete inventory reserve charged against inventory at cost (in thousands): Balance at March 31, 2014 $ 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 21,380 Utilization or sale (3,813 ) Scrap (3,682 ) Additional provision 5,838 Foreign currency translation adjustments (425 ) Balance at March 31, 2017 $ 19,298 The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not 10,000 not no In addition, our inventory is also being written down to the lower of cost or market. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that our selling price is lower than current cost, inventory is marked down accordingly. At March 31, 2017 2016, $384,000 $409,000, Furthermore, we perform an annual inventory count or periodic cycle counts for specific parts that have a high turnover. We also periodically identify any inventory that is no Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over estimated useful lives of 2 8 24 50 The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment, net whenever events or changes in circumstances indicate that the carrying amount of an asset may not Our facility in Lampertheim, Germany serves as collateral for our borrowings from IKB. See Note 8, Treasury Stock We account for treasury stock using the cost method. Costs include fees charged in connection with acquiring treasury stock. Other Assets Other assets include marketable equity securities classified as available-for-sale , long term equity investments accounted for under the equity method and investments accounted for under the cost method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense), net. We have a 45% 20% 2015, 24% 2017, $809,000 2016 2015, $120,000 $7,000 Investments which do not not March 31, 2017, $3.1 not March 31, 2016. Investments accounted for using the equity method and cost method are subject to a review for impairment if, and when, events and circumstances indicate that the fair value of our investment would be less than the carrying value. Refer to Note 5, 13, Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, first two the qualitative assessment, it is more likely than not no Under the quantitative approach effective prior to January 2017, there were two first second January 2017, second not no March 31, 2017. We operate our business as one We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. During the quarter ended December 31, 2016, $1.4 7, Defined Benefit Plans We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income (loss), net of tax. See Note 9, Fair Value of Financial Instruments The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 Advertising Expense We expense advertising as the costs are incurred. Advertising expense for the years ended March 31, 2017, 2016 2015 $411,000, $433,000 $437,000, Research and Development Expense Research and development costs are charged to operations as incurred. Income Taxes Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not not not not may 16, Other Income (Expense) Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. Indemnification Product guarantees and warranties have not not no March 31, 2017 2016. Legal Contingencies We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. Net Income (Loss) per Share Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. See Note 12, Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. See Note 11, Concentration and Business Risks Dependence on Third Parties for Wafer Fabrication and Assembly Measured in dollars, in fiscal 2017 52.6% third 47.4%. no not may may six Dependence on Suppliers We purchase silicon substrates from a limited number of vendors, most of whom we do not no not Employees Covered by Collective Bargaining Arrangements Approximately 56.3% 94.9% Concentration of Credit Risk Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers’ acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three may ninety not We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not See Note 15, 10% We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. Stock-Based Compensation Plans We have employee equity incentive plans and an employee stock purchase plan, which are described more fully in Note 10, Recent Accounting Pronouncements and Accounting Changes In May 2014, five December 15, 2017, December 15, 2016. We do not not Sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks, and rewards transfer. We do not In July 2015, 330, Inventory first 330 December 15, 2016, not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 December 15, 2018, In March 2016, December 15, 2016, not not In August 2016, eight December 15, 2017, not In October 2016, third December 15, 2017, first In November 2016, December 15, 2017, December 31, 2016. In January 2017, December 15, 2017, . In January 2017, second goodwill impairment is determined by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under the amended standard, goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not December 15, 2019, Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. March 31, 2017. not March 31, 2017. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. RadioPulse, Inc. On May 1, 2015, $15.7 $14.7 $1.0 $6.0 2015, 2016 2017. nil. not $248,000 $249,000 2016. The following table summarizes the values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Purchase Consideration Allocation Cash and cash equivalents and restricted cash $ 196 Accounts receivable 1,497 Inventories 534 Property, plant and equipment 24 Prepaid expenses and other current assets 547 Identifiable intangible assets 2,867 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (1,926 ) Total identifiable net liabilities 771 Goodwill 14,887 Total purchase consideration $ 15,658 Identified intangible assets resulting from the RadioPulse acquisition consisted of the following (in thousands): Amortization Estimated Fair Value Method Useful Life (In thousands) (In months) Developed intellectual property $ 1,005 Accelerated 60 In-process research and development expenses (1) 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total $ 2,867 ( 1 December 31, 2016 The value reflected in the table represents the purchase price allocation. The valuation of the acquired intangibles was classified as a level 3 not In determining the fair value of the acquired intangible assets, we determined the appropriate unit of measure, the exit market and the highest and best use for the assets. The income approach was used to estimate the fair value. The income approach indicates the fair value of an asset based on the value of the cash flows that the asset can be expected to generate in the future through a discounted cash flow method. The income approach was used to determine the fair values of developed intellectual property, in-process research and development expenses, contract backlog and customer relationships. The goodwill arising from the acquisition was largely attributable to the synergies expected to be realized after our acquisition and integration of RadioPulse and to the workforce acquired in the transaction. The goodwill is not During the quarter ended December 31, 2016, $1.4 7, RadioPulse contributed net revenues of $4.1 May 1, 2015 March 31, 2016. March 31, 2016 $3.6 not Other Acquisition In the quarter ended June 30, 2014, $2.3 $204,000. $2.8 $723,000. March 31, 2017, $605,000 not |
Note 4 - Fair Value
Note 4 - Fair Value | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. We account for certain assets and liabilities at fair value. In determining fair value, we consider its principal or most advantageous market and the assumptions that market participants would use when pricing, such as inherent risk, restrictions on sale and risk of non-performance. The fair value hierarchy is based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: Level 1 Level 2 not Level 3 one Fair Value Measurements on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of March 31, 2017 2016 March 31, 2017 (1) March 31, 2016 (1) Fair Value Measured at Fair Value Measured at Reporting Date Using Reporting Date Using Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds (2) $ 90,752 $ 90,752 $ - $ 115,974 $ 115,974 $ - Marketable equity securities (3) 1,771 1,771 - 1,749 1,749 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 92,873 $ 92,523 $ 350 $ 118,073 $ 117,723 $ 350 ( 1 We did not ( 2 Included in "Cash and cash equivalents" on our audited consolidated balance sheets. ( 3 Included in "Other assets" on our audited consolidated balance sheets. We measure our marketable equity securities and derivative contracts at fair value. Marketable equity securities are valued using the quoted market prices and are therefore classified as Level 1 $151,000, $454,000 $1.9 2017, 2016 2015, 5, From time to time, we use derivative instruments to manage exposure to changes in interest rates and currency exchange rates, and the fair values of these instruments are recorded on the balance sheets. We have elected not not 2. no March 31, 2017 March 31, 2016. Auction rate preferred securities, or ARPS, are stated at par value based upon observable inputs, including historical redemptions received from the ARPS issuers, and are therefore categorized as Level 2 Cash and cash equivalents are recognized and measured at fair value in our consolidated financial statements. Accounts receivable and prepaid expenses and other current assets are financial assets with carrying values that approximate fair value. Accounts payable and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value. Our indebtedness for borrowed money and our installment payment obligations approximated fair value, as the interest rates either adjusted according to the market rates or the interest rates approximated the market rates. The estimated fair value of these items was approximately $77.8 $87.1 March 31, 2017 March 31, 2016, Our equity method investments, cost method investments and non-financial assets, such as acquired intangible assets and property, plant and equipment, are recorded at fair value only if impairment is recognized. No March 31, 2017, not |
Note 5 - Other Assets
Note 5 - Other Assets | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 5. Other assets consisted of the following (in thousands): March 31, 2017 2016 Marketable equity securities $ 1,771 $ 1,749 Auction rate preferred securities 350 350 Long-term equity method investments 11,589 10,977 Other items, including cost method investments 4,265 686 Total $ 17,975 $ 13,762 Available-for-Sale Investments Marketable equity securities and auction rate preferred securities are designated as available-for-sale that are reported at fair value with unrealized gains and losses, net of income taxes, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense), net. Available-for-sale investment securities have been stated at their fair value as of March 31, 2017 $219,000 March 31, 2017, $82,000 March 31, 2016. 4, Available-for-sale investments as of March 31, 2017 2016 Fiscal Year 2017 Fiscal Year 2016 Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Marketable equity securities $ 2,116 $ 254 $ (599 ) $ 1,771 $ 1,875 $ 46 $ (172 ) $ 1,749 Auction rate preferred securities $ 350 $ - $ - $ 350 $ 350 $ - $ - $ 350 The available-for-sale investments that were in a continuous unrealized loss position as of March 31, 2017 March 31, 2016, Less than 12 Months 12 Months or Greater Total Period Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value March 31, 2017 $ 552 $ 469 $ 47 $ 263 $ 599 $ 732 March 31, 2016 $ 29 $ 581 $ 143 $ 932 $ 172 $ 1,513 Gross unrealized losses on our available-for-sale portfolio were immaterial to the consolidated balance sheets at March 31, 2017 March 31, 2016. During fiscal 2017, $201,000 $28,000 March 31, 2016. Equity Method Investments We have equity interests in Powersem, a semiconductor manufacturer based in Germany, EB Tech, a radiation services provider based in South Korea and ATEC, an assembly and test services provider in the Philippines. All of these companies are private limited companies. These investments are accounted for using the equity method and are included in “Other assets” on our audited consolidated balance sheet. As of March 31, 2017, The carrying values of our investments in Powersem, EB Tech and ATEC at March 31, 2017 $2.5 $2.6 $6.5 March 31, 2016 $2.5 $2.7 $5.7 We acquired approximately 24% $5.9 December 12, 2014. 2017, $765,000 2016 2015, $9,000 $140,000, See Note 2, 13, Cost Method Investments During fiscal 2017, not March 31, 2017, $3.1 million. We do not not |
Note 6 - Balance Sheet Details
Note 6 - Balance Sheet Details | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 6. Accounts Receivable Accounts receivable consisted of the following (in thousands): March 31, 2017 2016 Accounts receivable, gross $ 45,856 $ 41,219 Allowances (4,689 ) (2,779 ) Accounts receivable, net $ 41,167 $ 38,440 Allowances Movement (in thousands): Balance at Beginning of Year Additions Utilization Translation Adjustments Balance at End of Year Allowances for accounts receivable and for doubtful accounts: Year ended March 31, 2017 $ 2,779 $ 10,608 $ (8,657 ) $ (41 ) $ 4,689 Year ended March 31, 2016 $ 2,768 $ 6,795 $ (6,799 ) $ 15 $ 2,779 Year ended March 31, 2015 $ 3,013 $ 8,935 $ (9,004 ) $ (176 ) $ 2,768 Inventories Inventories consisted of the following (in thousands): March 31, 2017 2016 Raw materials $ 17,920 $ 18,269 Work in process 45,634 41,549 Finished goods 25,882 29,786 Total $ 89,436 $ 89,604 Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): March 31, 2017 2016 Property and plant (useful life of 24 years to 50 years) $ 38,195 $ 35,290 Equipment owned (useful life of 2 to 8 years) 137,105 139,318 Leasehold improvements (useful life of up to 40 years) 1,064 1,304 Property, plant and equipment, gross 176,364 175,912 Accumulated depreciation (134,124 ) (133,289 ) Property, plant and equipment, net $ 42,240 $ 42,623 Depreciation expense for fiscal years ended March 31, 2017, 2016 2015 $7.5 $8.4 and $11.3 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2017 2016 Uninvoiced goods and services $ 12,703 $ 8,824 Compensation and benefits 6,707 7,540 Income taxes 3,521 2,066 Commissions, royalties and other 2,416 2,860 Total $ 25,347 $ 21,290 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in connection with our acquisitions. In May 2015, $14.9 March 31, 2017 2016 The changes in the carrying amount of goodwill for the years ended March 31, 2017 2016 March 31, 2017 2016 Goodwill $ 56,024 $ 41,137 Accumulated impairment losses (13,192 ) (13,192 ) Accumulated currency translation adjustment (477 ) (570 ) Net goodwill at beginning of year 42,355 27,375 Goodwill acquired in acquisition - 14,887 Currency translation adjustment (128 ) 93 Net goodwill at end of year $ 42,227 $ 42,355 The accumulated impairment losses as of March 31, 2017 March 31, 2016 were $13.2 Identifiable Intangible Assets Identified intangible assets consisted of the following as of March 31, 2017 ( Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ 265 $ 14,168 $ 2,876 Customer relationships 13,520 123 13,397 - In-process intellectual property 1,188 1,003 185 - Contract backlog 7,329 - 7,329 - Other intangible assets 1,591 - 1,483 108 Total identifiable intangible assets $ 40,937 $ 1,391 $ 36,562 $ 2,984 Identified intangible assets consisted of the following as of March 31, 2016 ( Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ - $ 11,639 $ 5,670 Customer relationships 13,520 - 12,961 559 In-process intellectual property 1,188 - - 1,188 Contract backlog 7,329 - 7,329 - Other intangible assets 1,599 - 1,409 190 Total identifiable intangible assets $ 40,945 $ - $ 33,338 $ 7,607 We review our intangible assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not $1.4 December 31, 2016. The following table summarizes the components of the acquired identifiable intangible assets associated with the acquisitions of RadioPulse and a 4 8 2014 . Amortization Estimated Fair Value Method Useful Life (In thousands) (In months) RadioPulse: Developed intellectual property $ 1,005 Accelerated 60 Customer relationships 500 Accelerated 36 In-process research and development expense 1,188 Straight-line 60 Contract backlog 174 Straight-line 6 Total for RadioPulse $ 2,867 Acquired MCU Business: Developed intellectual property $ 11,504 Straight-line 60 Customer relationships 6,920 Accelerated 36 Contract backlog 5,155 Straight-line 9 Trade name 421 Straight-line 60 Total for Acquired MCU Business $ 24,000 For fiscal 2017, 2016 2015, $3.1 $5.6 $6.0 $2.4 $596,000 2018 2019, |
Note 8 - Borrowing Arrangements
Note 8 - Borrowing Arrangements | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Revolving Credit Agreement On November 20, 2015, $125.0 The obligations are guaranteed by four The loan is collateralized pursuant to a Contingent Collateral Agreement, under which the assets of the parent company and the four The credit agreement provides different interest rate alternatives under which we may may 0.75% 2.5%, 0.25% 0.625%, 2.85% March 31, 2017. The terms of the facility impose restrictions on our ability to undertake certain transactions, to create liens on assets and to incur subsidiary indebtedness. In addition, the credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. At March 31, 2016 March 31, 2016 four March 31, 2016. 2:1. one not In December 2016, November 20, 2019 2.50 1.00 2.00 1.00. No March 31, 2017, In relation to the execution of the amendment to the Revolving Credit Agreement, we incurred loan costs of $281,000 November 20, 2015 March 31, 2017 March 31, 2016 $399,000 $304,000, At March 31, 2017 March 31, 2016, $72.6 $80.0 The Revolving Credit Agreement also includes a $10.0 $125.0 IKB Deutsche Industriebank In April 2015, €6.5 $7.2 March 31, 2022 1.75%. €232,000, $248,000, March 31. March 31, 2017. may €1.0 December 29, 2017, March 31, 2017, €4.6 $5.0 Loans Assumed from Business Acquisitions Our outstanding balances relating to loans assumed upon business acquisitions at March 31, 2017 March 31, 2016 were $288,000 $1.1 Aggregate Debt Maturities Aggregate debt maturities at March 31, 2017 Fiscal Year Payable Amount 2018 $ 1,058 2019 1,047 2020 73,648 2021 1,048 2022 1,048 Thereafter - Total 77,849 Less: current portion 1,058 Long-term portion (1) $ 76,791 ( 1 $399,000 |
Note 9 - Pension Plans
Note 9 - Pension Plans | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. We maintain three one one one March 31. no Net Period Pension Cost The net periodic pension expense includes the following components (in thousands): Year Ended March 31, 2017 2016 2015 Service cost $ 109 $ 101 $ 104 Interest cost on projected benefit obligation 1,313 1,450 1,803 Expected return on plan assets (1,183 ) (1,721 ) (1,910 ) Recognized actuarial loss 387 438 179 Net periodic pension expense $ 626 $ 268 $ 176 Net Amount Recognized (in thousands) Year Ended March 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation at the beginning of the year $ 45,021 $ 47,346 Service cost 109 101 Interest cost 1,313 1,450 Actuarial (gain) loss 3,356 (1,549 ) Benefits paid (1,543 ) (1,830 ) Foreign currency adjustment (5,073 ) (497 ) Projected benefit obligation at year end $ 43,183 $ 45,021 Change in plan assets: Fair value of plan assets at the beginning of the year $ 28,714 $ 30,114 Actual return (loss) on plan assets 3,526 (156 ) Employer contribution 993 1,009 Benefits paid from assets (1,083 ) (1,388 ) Foreign currency adjustment (3,868 ) (865 ) Plan assets at fair value at year end $ 28,282 $ 28,714 Unfunded status of the plan at year end $ 14,901 $ 16,307 Pension liability recognized on the balance sheet due after one year $ 14,901 $ 16,307 Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: Projected benefit obligation at year end $ 43,183 $ 45,021 Accumulated benefit obligation at year end $ 42,652 $ 44,509 Plan assets at fair value at year end $ 28,282 $ 28,714 Amounts recognized in accumulated other comprehensive income (loss): Unrecognized actuarial loss, before tax $ (11,457 ) $ (12,140 ) Amount recognized as component of stockholders’ equity – pretax $ (11,457 ) $ (12,140 ) Accumulated benefit obligation at year end $ 42,652 $ 44,509 Weighted average actuarial assumptions used to determine benefit obligations for the plans were as follows: Year End March 31, 2017 2016 Discount rate 1.9 - 5.2% 1.9 - 4.6% Expected long term rate of return on assets 3.8 - 6.0% 4.4 - 7.0% Salary scale 5.0% 5.0% Information on Plan Assets We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of March 31, 2017 2016, three 4, March 31, 2017 March 31, 2016 Description Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash funds $ 136 $ - $ 136 $ 121 $ - $ 121 Equity 314 - 314 351 - 351 Fixed interest 1,203 58 1,261 1,225 96 1,321 Mutual funds 13,181 13,390 26,571 13,527 13,394 26,921 Total $ 14,834 $ 13,448 $ 28,282 $ 15,224 $ 13,490 $ 28,714 The expected long term rate of return on assets is a weighted average of the returns expected for the underlying broad asset classes. The expected returns for each asset class are estimated in light of the market conditions on the accounting date and the past performance of the asset classes generally. The amount of accumulated other comprehensive income expected to be recognized in net periodic pension cost in fiscal 2018 $397,000. 73% 25% The investment policies and strategies for the UK plan assets are determined by the respective plan’s trustees in consultation with independent investment consultants and the employer. Our practice is to fund these plans in amounts at least sufficient to meet the minimum requirements of local laws and regulations. The trustees are aware that the nature of the liabilities of the plans will evolve as the age profile and life expectancy of the membership changes. These changing liability profiles lead to consultations about the appropriate balance of investment assets to be used by the plans (equity, debt, other), as well as timescales, within which required adjustments should be implemented. The plan assets in the UK are held in pooled investment funds operated by Fidelity Worldwide Investments. Our plan assets do not March 31, 2017, 50% may 50% 50% 50% The German plan was held by a separate legal entity. As of March 31, 2017, For our Philippine plan, the local law requires us to appoint a trustee for the fund. We have appointed Bank of the Philippine Islands, or BPI, as the trustee of the plan. The plan assets are fully invested with BPI. The main role of the trustee is to manage the fund according to the mandate given by the retirement committee of our Philippine entity and to pay the covered/eligible employees in accordance with the plan. BPI Asset Management and Trust Group, an independent unit of BPI, provides investment management services to the trustee. At March 31, 2017, 75% 19% 6% 75% 20% 5% We expect to make contributions to the plans of approximately $948,000 March 31, 2018. We expect to pay benefits in each of the next five five Fiscal Year Ended: Benefit Payment March 31, 2018 $ 1,525 March 31, 2019 1,561 March 31, 2020 1,632 March 31, 2021 1,660 March 31, 2022 1,611 Five fiscal years ended March 31, 2027 9,449 Total benefit payments for the ten fiscal years ended March 31, 2027 $ 17,438 |
Note 10 - Employee Equity Incen
Note 10 - Employee Equity Incentive Plans | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Stock Purchase and Stock Option Plans The 2009 2011 2013 2016 On September 10, 2009, 2009 2009 900,000 September 16, 2011, 2011 2011 600,000 August 30, 2013, 2013 2013 2,000,000 August 26, 2016, 2016 2016 2,000,000 2009 2011 2013 2016 Stock Options Under the Plans, nonqualified and incentive stock options may not 100% may four ten Stock Awards Stock awards, denominated restricted stock under the 2009 2011 may Stock Appreciation Rights Awards of stock appreciation rights, or SARs, may not 100% no ten Restricted Stock Units Restricted stock units, denominated performance units in the 2009 may one The 1999 Prior to May 2009, 1999 1999 not 85% ten 1999 four 1999 May 2009 no may Zilog 2004 The Zilog 2004 2004 2004, 2007. 2004 first 2004 2004 2004 652,963 In general, the options and shares granted pursuant to the Zilog 2004 not not 100% 2004 February 2014 no may Zilog 2002 The Zilog 2002 2002 2002. 2002 first 2002 2002 366,589 Stock options granted under the Zilog 2002 not none 2002 not ten 2002 May 2012 no may Employee Stock Purchase Plan The Board of Directors has approved the Amended and Restated 1999 1,550,000 may 85% 15% March 31, 2017, 112,171 128,070 Fair Value of Stock Compensation The authoritative guidance provided by FASB requires employee stock options and rights to purchase shares under stock participation plans to be accounted for under the fair value method and requires the use of an option pricing model for estimating fair value. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award. Compensation cost for equity incentive awards is based on the grant-date fair value estimated in accordance with the authoritative guidance provided by FASB. We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. The fair value of issuances under our Purchase Plan is estimated on the issuance date and using the Black-Scholes options pricing model, consistent with the requirements of the authoritative guidance provided by FASB. The following table summarizes the effects of share-based compensation expenses recognized on our consolidated statement of operations resulting from options granted under our equity incentive plans and rights to acquire stock granted under our Purchase Plan (in thousands): Year Ended March 31, Statement of Operations Classifications 2017 2016 2015 Cost of goods sold $ 362 $ 488 $ 433 Research, development and engineering (1) 1,144 1,272 814 Selling, general and administrative 1,932 1,832 1,620 Stock-based compensation effect in income before income tax provision 3,438 3,592 2,867 Provision for income tax 694 660 1,009 Net stock-based compensation effects on net income $ 2,744 $ 2,932 $ 1,858 ( 1 $249,000 2016. As of March 31, 2017, $6.8 2.6 The Black-Scholes option pricing model is used to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our stock purchase plan. The weighted average estimated fair values of employee stock option grants and rights granted under the Purchase Plan, as well as the weighted average assumptions that were used in calculating such values during the during fiscal 2017, 2016 2015, Stock Options Purchase Plan Year Ended March 31, Year Ended March 31, 2017 2016 2015 2017 2016 2015 Weighted average estimated fair value of grant per share $ 4.48 $ 4.83 $ 5.54 $ 3.28 $ 3.33 $ 2.90 Risk-free interest rate 1.6 % 1.8 % 1.8 % 0.4 % 0.1 % 0.1 % Expected term in years 6.41 6.45 6.25 0.75 0.50 0.50 Volatility 40.6 % 44.9 % 52.2 % 37.5 % 39.8 % 36.9 % Dividend yield 0.4 % 1.2 % 1.0 % 0.7 % 1.1 % 1.1 % We estimate the expected term of options granted based on the historical average period over which the options are exercised by employees. We estimate the volatility of our common stock based on historical volatility measures. We base the risk-free interest rate that is used in the option valuation model on U.S. Treasury zero We estimate the dividend yield based on the historical trend and our expectation of future dividends. Dividend yield is calculated based on the annualized cash dividends per share declared during the quarter and the closing stock price on the date of grant. We are required to estimate forfeitures at the time of grants and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. We recognize the estimated compensation cost of restricted stock over the vesting term. The estimated compensation cost is based on the fair value of our common stock on the date of grant. We recognize the compensation cost relating to stock bonuses on the date of grant based on the fair value of our common stock on the date of grant, as such stock bonuses are vested immediately. We did not 2017. Stock compensation activities under our equity incentive plans for fiscal 2017, 2016 and 2015 were as follows: Options Outstanding Shares Available for Grant Number of Shares (1) Intrinsic Value (2) Weighted Average Exercise Price per Share (000) Balances, March 31, 2014 1,930,250 5,201,635 $ 8,658 $ 10.22 Options granted (249,000 ) 249,000 $ 11.83 Options exercised - (339,374 ) $ 1,310 $ 8.62 Options cancelled 39,750 (94,250 ) $ 11.46 Options expired 26,000 (74,500 ) $ 11.17 Balances, March 31, 2015 1,747,000 4,942,511 $ 10,831 $ 10.37 Options granted (1,124,000 ) 1,124,000 $ 11.72 Options exercised - (382,826 ) $ 1,551 $ 9.02 Options cancelled 14,500 (14,500 ) $ 11.31 Options expired - (434,788 ) $ 14.68 Balances, March 31, 2016 637,500 5,234,397 $ 6,456 $ 10.40 New shares authorized (3) 2,000,000 Options granted (746,000 ) 746,000 $ 11.06 Options exercised - (859,852 ) $ 3,112 $ 9.10 Options cancelled 7,500 (7,500 ) $ 13.37 Options expired 22,500 (27,500 ) $ 11.81 Balances, March 31, 2017 1,921,500 5,085,545 $ 19,570 $ 10.70 ( 1 The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. ( 2 Except for options exercised, these amounts represent the difference between the exercise price and $14.55 March 31, 2017 ( 3 On August 26, 2016, 2016 2,000,000 The following table summarizes information about stock options outstanding at March 31, 2017: Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $ 5.01 - 7.75 576,500 1.6 $ 6.66 576,500 $ 6.66 $ 7.76 - 10.00 843,295 4.7 $ 9.30 783,545 $ 9.30 $ 10.01 - 12.50 2,890,750 6.9 $ 11.31 1,417,000 $ 11.51 $ 12.51 - 14.50 775,000 5.4 $ 12.95 523,250 $ 12.78 $ 5.01 - 14.50 5,085,545 5.7 $ 10.70 3,300,295 $ 10.34 Of the 5,085,545 3,300,295 March 31, 2017 $10.34 $13.9 March 31, 2017 5.7 4.1 March 31, 2017 $2.9 The following table summarizes information about stock options outstanding at March 31, 2016: Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $ 5.01 - 7.75 819,897 2.6 $ 6.63 819,897 $ 6.63 $ 7.76 - 10.00 1,223,500 4.8 $ 9.33 1,017,750 $ 9.29 $ 10.01 - 12.50 2,448,000 6.6 $ 11.42 1,331,916 $ 11.52 $ 12.51 - 13.37 743,000 6.1 $ 12.96 450,000 $ 12.69 $ 5.01 - 13.37 5,234,397 5.5 $ 10.40 3,619,563 $ 9.93 Of the 5,234,397 3,619,563 March 31, 2016 $9.93 $6.0 March 31, 2016 5.5 4 March 31, 2016 $2.8 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. Accumulated Other Comprehensive Income (Loss) The components and the changes in accumulated other comprehensive income (loss), net of income taxes, were as follows (in thousands): Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive income (loss) before reclassifications (24,112 ) (1,536 ) (3,830 ) (29,478 ) Net gain (loss) reclassified from accumulated other comprehensive income (loss) - 1,218 143 1,361 Net current period other comprehensive income (loss) (24,112 ) (318 ) (3,687 ) (28,117 ) Balance as of March 31, 2015 (13,577 ) 7 (9,518 ) (23,088 ) Other comprehensive income (loss) before reclassifications 2,938 (362 ) (71 ) 2,505 Net gain (loss) reclassified from accumulated other comprehensive income (loss) - 273 44 317 Net current period other comprehensive income (loss) 2,938 (89 ) (27 ) 2,822 Balance as of March 31, 2016 (10,639 ) (82 ) (9,545 ) (20,266 ) Other comprehensive income (loss) before reclassifications (8,594 ) (106 ) 196 (8,504 ) Net gain (loss) reclassified from accumulated other comprehensive income (loss) - (31 ) 256 225 Net current period other comprehensive income (loss) (8,594 ) (137 ) 452 (8,279 ) Balance as of March 31, 2017 $ (19,233 ) $ (219 ) $ (9,093 ) $ (28,545 ) The amounts reclassified out of accumulated other comprehensive income (loss) for the fiscal year 2017, 2016 2015 Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Consolidated Statements of Operations Year Ended March 31, 2017 2016 2015 Net gain (loss) on investments $ 201 $ (1 ) $ 30 Other income (expense), net Impairment of marketable securities (151 ) (454 ) (1,903 ) Other income (expense), net Recognized actuarial loss (387 ) (437 ) (179 ) Cost of goods sold Subtotal (337 ) (892 ) (2,052 ) Income before income tax provision Tax impact 112 575 691 Provision for income tax Total reclassifications for the year $ (225 ) $ (317 ) $ (1,361 ) Net income |
Note 12 - Computation of Earnin
Note 12 - Computation of Earnings Per Share | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts): Year Ended March 31, 2017 2016 2015 Net income $ 21,348 $ 14,741 $ 23,740 Weighted average shares - basic 31,544 31,579 31,531 Weighted average shares - diluted 32,248 32,381 32,239 Net income per share - basic $ 0.68 $ 0.47 $ 0.75 Net income per share - diluted $ 0.66 $ 0.46 $ 0.74 Diluted weighted average shares included approximately 704,000, 802,000 708,000 2017, 2016 2015, Basic net income available per common share is computed using net income and the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options using the treasury stock method. In fiscal 2017, 2016 2015, 2,945,238, 1,943,420 2,357,772 $11.79, $12.02 $12.24 not |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Related Party Transactions We own 45% 2017, 2016 2015, $1.6 $1.5 $1.8 2017, 2016 2015, $3.9 $3.4 $4.0 March 31, 2017 2016, $96,000 $99,000, March 31, 2017 2016, $72,000 $63,000, March 31, 2017 March 31, 2016 $2.5 We own approximately 20% 2017, 2016 2015, $347,000, $378,000 $278,000, March 31, 2017 2016, $35,000 $26,000, The carrying values at March 31, 2017 March 31, 2016 $2.6 $2.7 On December 12, 2014, 24% 2017 2016, $7.8 $8.0 o our company, respectively. As of March 31, 2017 2016, $996,000 $737,000, . The carrying values at March 31, 2017 March 31, 2016 $6.5 $5.7 We had no 2017. |
Note 14 - Employee Savings and
Note 14 - Employee Savings and Retirement Plans | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 14. Employee Savings and Retirement Plans We have a 401 may may 100% March 31, 2017, 2016 2015, $606,000, $616,000 $615,000, IXYS UK also has a defined contribution plan, known as “Westcode Semiconductor Group Personal Pension.” The plan is subject to minimum service requirements. Employees contribute up to 4.5% 7% 100% March 31, 2017, 2016 2015, $241,000, $278,000 $287,000, |
Note 15 - Segment and Geographi
Note 15 - Segment and Geographic Information | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. We have a single operating segment and reportable segment. We design, develop, manufacture and market high performance semiconductor products. Our two one one Our net revenues by major geographic area (based on destination) were as follows (in thousands): Year Ended March 31, 2017 2016 2015 United States $ 81,499 $ 75,994 $ 85,314 Europe and the Middle East: Austria 2,313 1,836 2,290 Finland 2,178 1,899 1,669 France 9,553 9,076 7,917 Germany 37,919 33,215 32,866 Hungary 1,942 2,082 2,571 Italy 4,091 4,328 4,645 Netherlands 4,488 3,608 2,315 Russia 1,263 4,773 5,051 Sweden 1,694 2,155 4,460 Switzerland 2,311 2,789 2,569 Turkey 1,929 2,376 2,658 United Kingdom 14,042 13,502 19,832 Other 10,097 10,700 11,259 Asia Pacific: China 84,447 79,575 83,597 Indonesia 2,160 2,128 3,224 Japan 6,995 9,271 8,469 Malaysia 4,692 4,662 5,580 Singapore 13,509 12,353 11,694 South Korea 19,282 23,215 22,371 Taiwan 2,051 3,151 2,688 Thailand 3,547 3,904 4,300 Other 1,557 1,929 1,148 Rest of the World: India 4,315 4,293 5,163 Other 4,249 4,395 5,117 Total $ 322,123 $ 317,209 $ 338,767 The following table sets forth net revenues for each of our product groups during fiscal 2017, 2016 2015 Year Ended March 31, 2017 2016 2015 Power semiconductors $ 221,312 $ 213,347 $ 219,445 Integrated circuits 82,067 84,078 95,547 Systems and RF power semiconductors 18,744 19,784 23,775 Total $ 322,123 $ 317,209 $ 338,767 Revenue from significant customers, those representing 10% Year Ended March 31, 2017 2016 2015 Revenues: Distributor A 12.3 % 12.2 % 10.2 % Distributor B 10.8 % less than 10 % 10.5 % Accounts receivable from significant customers, those representing 10% March 31, 2017 2016 Accounts Receivable: Distributor A 15.2 % 18.2 % Distributor C 10.5 % less than 10 % Our principal foreign operations consist of our subsidiaries, IXYS GmbH in Germany, IXYS UK in the United Kingdom and IXYS Semiconductor BV in the Netherlands. The following table summarizes the net revenues, net income and long-lived assets of our domestic and foreign operations (in thousands): Year Ended March 31, 2017 2016 2015 Net revenues: Foreign $ 148,159 $ 159,984 $ 188,964 Domestic 173,964 157,225 149,803 Total $ 322,123 $ 317,209 $ 338,767 Net income: Foreign $ 17,172 $ 11,039 $ 21,379 Domestic 4,176 3,702 2,361 Total $ 21,348 $ 14,741 $ 23,740 March 31, 2017 2016 2015 Property, plant and equipment, net: United States $ 25,284 $ 26,792 $ 27,740 Germany 15,594 14,506 13,228 Other countries 1,362 1,325 1,577 Total property, plant and equipment, net $ 42,240 $ 42,623 $ 42,545 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. In fiscal 2017, 26% 37% 2016 22% 2015. 2017 2015 2016 6% Income before income tax consisted of the following (in thousands): Year Ended March 31, 2017 2016 2015 Domestic $ 7,997 $ 9,030 $ 3,390 International 20,903 14,459 27,040 Total $ 28,900 $ 23,489 $ 30,430 Our provision for income taxes consisted of the following (in thousands): Year Ended March 31, 2017 2016 2015 Current: Federal $ 406 $ 1,418 $ 201 State (560 ) 126 83 Foreign 4,532 3,436 5,066 Total current 4,378 4,980 5,350 Deferred: Federal 1,867 3,554 945 State 1,256 189 20 Foreign 51 25 375 Total deferred 3,174 3,768 1,340 Total provision for income tax $ 7,552 $ 8,748 $ 6,690 The reconciliation of our effective tax rate to the U.S. statutory federal income tax rate was as follows: Year Ended March 31, 2017 2016 2015 (%) (%) (%) Statutory federal income tax rate 35 35 35 State taxes, net of federal tax benefit 1 1 1 Expense (benefit) of lower-tax foreign jurisdictions (17 ) (10 ) (15 ) Tax credits (2 ) (3 ) (1 ) Valuation allowances 4 3 - Permanent items - (5 ) - Tax reserves 1 - - Tax asset write-off 2 10 - Foreign income 2 6 2 Effective tax provision rate 26 37 22 The significant components of net deferred income tax assets were as follows (in thousands): March 31, 2017 2016 Deferred tax assets: Reserves and allowances $ 5,504 $ 6,018 Other liabilities and accruals 6,297 6,176 Depreciable assets 404 83 Net operating loss carryforwards 10,236 11,675 Share-based compensation 4,721 5,098 Credits carryforward 2,188 2,440 Total deferred tax assets 29,350 31,490 Less: Valuation allowances and other reserves (4,611 ) (3,466 ) Net deferred tax assets $ 24,739 $ 28,024 The authoritative guidance provided by FASB requires deferred tax assets and liabilities to be recognized for temporary differences between the tax basis and financial reporting basis of assets and liabilities, computed at the expected tax rates for the periods in which the assets or liabilities will be realized, as well as for the expected tax benefit of net operating loss and tax credit carryforwards. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets. Our management evaluates the recoverability of these net deferred tax assets in accordance with the authoritative guidance provided by FASB. Our ability to utilize the deferred tax assets and the continuing need for a related valuation allowance are being monitored on an ongoing basis. During fiscal 2017, Under the Tax Reform Act of 1986, may may not 382 In aggregate, the valuation allowances in fiscal 2017 $1.1 2016, $436,000 2016 2015. 2017 At March 31, 2017, $23.4 382 not 2018 2023 None March 31, 2017 $18.6 $16.4 At the end of fiscal 2017, $6.4 $6.4 $503,000 not 12 We include interest and penalties in the financial statements as a component of income tax expense. We had $952,000 March 31, 2017, $94,000 March 31, 2017, $438,000 $532,000 The aggregate changes in the balance of gross unrecognizable tax benefits were as follows (in thousands): Balance as of March 31, 2014 $ 6,978 Lapse of statute of limitations (3,070 ) Increases in balances related to tax positions taken during prior periods 213 Increases in balances related to tax positions taken during the current period 2,831 Balance as of March 31, 2015 6,952 Lapse of statute of limitations (772 ) Increases in balances related to tax positions taken during prior periods 129 Increases in balances related to tax positions taken during the current period 637 Balance as of March 31, 2016 6,946 Lapse of statute of limitations (1,461 ) Decreases in balances related to tax positions taken during prior periods (63 ) Increases in balances related to tax positions taken during the current period 1,021 Balance as of March 31, 2017 $ 6,443 In addition to the above, our valuation allowances included uncertain tax positions relating to the realizability of net operating losses at certain foreign jurisdictions and certain domestic state tax credits aggregating to $3.0 March 31, 2017. March 31, 2016 $4.1 As of March 31, 2017, not $150.5 March 31, 2017 $74.0 not We conduct business globally and, as a result, we file income tax returns in various jurisdictions throughout the world including the U.S. federal and various U.S. state jurisdictions as well as with various foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world. We remain subject to U.S. federal examination for years from 2002 2010. The Protecting Americans from Tax Hikes Act of 2015, December 18, 2015. 2017 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments We rent certain of our facilities under operating leases expiring through fiscal 2022. Fiscal Year Ended March 31, Operating Leases Other Purchase Obligations 2018 $ 1,350 $ 23,700 2019 1,209 2,776 2020 1,087 - 2021 667 - 2022 473 - Total minimum payments $ 4,786 $ 26,476 Rent expense for fiscal years ended March 31, 2017, 2016 2015 $1.5 $1.6 $1.4 As of March 31, 2017 2016, $1.3 $277,000, Revolving Credit Agreement See Note 8, Legal Proceedings On April 17, 2017, 6,617,641; 6,620,653; 6,667,515; 6,717,210; 6,765,239 6,936,893. not There can be no We are also involved in a variety of other legal matters that arise in the normal course of business. Based on information currently available, management does not Other Commitments and Contingencies We make strategic investments in other companies from time to time. These investments include commitments in certain instances to provide additional financing up to the contracted amount. These commitments are insignificant individually or in aggregate. We have ongoing income tax audits of our subsidiary in the Philippines for the fiscal years ended March 31, 2010 2011. $2.5 $156,000, 2010 2011. no not |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial Data (unaudited, in thousands, except per share amounts) The following table sets forth a summary of our unaudited quarterly operating results for each of the last eight March 31, 2017. not may Fiscal Year Ended March 31, 2017 Three Months Ended March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 Net revenues $ 83,372 $ 79,484 $ 78,629 $ 80,638 Gross profit 29,194 26,939 25,455 23,994 Operating income 9,233 7,819 6,771 5,029 Net income $ 9,294 $ 5,100 $ 3,935 $ 3,019 Net income per share: Basic (1) $ 0.29 $ 0.16 $ 0.12 $ 0.10 Diluted (1) $ 0.28 $ 0.16 $ 0.12 $ 0.09 Weighted average shares used in per share calculation: Basic 31,724 31,558 31,490 31,401 Diluted 32,635 32,209 32,145 32,001 Fiscal Year Ended March 31, 2016 Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 Net revenues $ 79,772 $ 75,133 $ 80,257 $ 82,047 Gross profit 24,115 24,029 26,012 25,602 Operating income 6,834 6,262 7,033 5,704 Net income (2) $ 6,197 $ 2,286 $ 3,273 $ 2,985 Net income per share: Basic (1) $ 0.20 $ 0.07 $ 0.10 $ 0.09 Diluted (1) $ 0.19 $ 0.07 $ 0.10 $ 0.09 Weighted average shares used in per share calculation: Basic 31,441 31,487 31,651 31,746 Diluted 32,076 32,343 32,380 32,733 ( 1 The sum of the four not ( 2 During the fiscal year ended March 31, 2016, $1.4 16, 8 10 December 31, 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of IXYS Corporation and our wholly-owned subsidiaries after elimination of all intercompany balances and transactions. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transaction The local currency is considered to be the functional currency of some of our wholly-owned international subsidiaries. Among them, IXYS Semiconductor GmbH, or IXYS GmbH, utilizes the Euro as its functional currency, while IXYS UK Westcode Limited, or IXYS UK, utilizes the British pound sterling as its functional currency. For such subsidiaries, the assets and liabilities are translated at the exchange rate in effect at year-end and the revenues and expenses are translated at average rates during the year. Adjustments resulting from the translation of these accounts of these subsidiaries into U.S. dollars are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included as a component of other income or expense. The functional currency is U.S. dollars for our other significant subsidiaries. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from our estimates. Areas where management uses subjective judgments include, but are not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue is recognized when there is persuasive evidence that an arrangement exists, when delivery has occurred, when the price to the buyer is fixed or determinable and when collectability of the receivable is reasonably assured. These elements are typically met when title to the products is passed to the buyer, which is generally when product is shipped to the customer with sales terms ex-works, or when product is delivered to the customer with sales terms delivered duty paid. We sell to distributors and original equipment manufacturers. Revenues from distributors were approximately 58.7%, 56.7% 55.6% 2017, 2016 2015, We provide some of our distributors with the following programs: stock rotation and ship and debit. Reserves for sales returns and allowances, including allowances for “ship and debit” transactions, are recorded at the time of shipment, and are based on historical levels of returns, current economic trends and changes in customer demand. We state our revenues net of any taxes collected from customers that are required to be remitted to various government agencies. The amount of taxes collected from customers and payable to governmental entities is included on the balance sheet as part of “Accrued expenses and other current liabilities.” Allowance for sales returns. not not Allowance for stock rotation. six March 31, 2017, 2016 2015, $1,459,000, $1,494,000 $1,741,000, The allowance, which is management’s best estimate of future returns, is based upon the historical experience of returns and inventory levels at the distributors. This allowance is included as part of “Accounts receivable, net” on the balance sheet and as a reduction of revenues in the statement of operations. Should distributors increase stock rotations beyond our estimates, these statements would be adversely affected. Allowance for ship and debit. no may Additions to the ship and debit allowance are estimates of the amount of expected future ship and debit activity related to sales during the period. Additions to the allowance reduce revenues and gross profit in the period. The following table sets forth the beginning and ending balances of, additions to, and deductions from, our allowance for ship and debit during the three March 31, 2017 ( Balance March 31, 2014 $ 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 866 Additions 7,363 Deductions (6,680 ) Balance March 31, 2017 $ 1,549 Trade accounts receivable and allowance for doubtful accounts. not may may |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash balances at March 31, 2017 March 31, 2016 $1.3 $277,000, March 31, 2017 €1.0 $1.1 2017. December 29, 2017, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are recorded at the lower of standard cost, which approximates actual cost on a first first , requires certain abnormal expenditures to be recognized as expenses in the current period instead of capitalized in inventory. It also requires that the amount of fixed production overhead allocated to inventory be based on the normal capacity of the production facilities. We typically plan our production and inventory levels based on internal forecasts of customer demand, which are highly unpredictable and can fluctuate substantially. The value of our inventories is dependent on our estimate of future demand as it relates to historical sales. If our projected demand is overestimated, we may may Excess inventory frequently remains saleable. When excess inventory is sold, it yields a gross profit margin of up to 100%. not not The following table provides information on our excess and obsolete inventory reserve charged against inventory at cost (in thousands): Balance at March 31, 2014 $ 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 21,380 Utilization or sale (3,813 ) Scrap (3,682 ) Additional provision 5,838 Foreign currency translation adjustments (425 ) Balance at March 31, 2017 $ 19,298 The practical efficiencies of wafer fabrication require the manufacture of semiconductor wafers in minimum lot sizes. Often, when manufactured, we do not 10,000 not no In addition, our inventory is also being written down to the lower of cost or market. We review our inventory listing on a quarterly basis for an indication of losses being sustained for costs that exceed selling prices less direct costs to sell. When it is evident that our selling price is lower than current cost, inventory is marked down accordingly. At March 31, 2017 2016, $384,000 $409,000, Furthermore, we perform an annual inventory count or periodic cycle counts for specific parts that have a high turnover. We also periodically identify any inventory that is no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over estimated useful lives of 2 8 24 50 The authoritative guidance provided by FASB requires evaluating the recoverability of the carrying amount of our property, plant and equipment, net whenever events or changes in circumstances indicate that the carrying amount of an asset may not Our facility in Lampertheim, Germany serves as collateral for our borrowings from IKB. See Note 8, |
Treasury Stock [Policy Text Block] | Treasury Stock We account for treasury stock using the cost method. Costs include fees charged in connection with acquiring treasury stock. |
Other Assets [Policy Text Block] | Other Assets Other assets include marketable equity securities classified as available-for-sale , long term equity investments accounted for under the equity method and investments accounted for under the cost method. Investments designated as available-for-sale are reported at fair value with the unrealized gains and losses, net of tax, recorded in other comprehensive income (loss). Realized gains and losses (calculated as proceeds less specifically identified costs) and declines in value of these investments judged by management to be other than temporary, if any, are included in other income (expense), net. We have a 45% 20% 2015, 24% 2017, $809,000 2016 2015, $120,000 $7,000 Investments which do not not March 31, 2017, $3.1 not March 31, 2016. Investments accounted for using the equity method and cost method are subject to a review for impairment if, and when, events and circumstances indicate that the fair value of our investment would be less than the carrying value. Refer to Note 5, 13, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired. The costs of acquired intangible assets are recorded at fair value at acquisition. Intangible assets with finite lives are amortized using the straight-line method or accelerated method over their estimated useful lives and evaluated for impairment in accordance with the authoritative guidance provided by FASB. Goodwill and intangible assets with indefinite lives are reviewed at least annually for impairment charges during the quarter ending March 31, first two the qualitative assessment, it is more likely than not no Under the quantitative approach effective prior to January 2017, there were two first second January 2017, second not no March 31, 2017. We operate our business as one We assess the recoverability of the finite-lived intangible assets by examining the occurrences of certain events or changes of circumstances that indicate that the carrying amounts may not the estimated undiscounted cash flows attributable to the assets in question are less than their carrying values. Impairment losses, if any, are measured as the amount by which the carrying values of the assets exceed their fair value and are recognized in operating results. If a useful life is determined to be shorter than originally estimated, we accelerate the rate of amortization and amortize the remaining carrying value over the new shorter useful life. During the quarter ended December 31, 2016, $1.4 7, |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Defined Benefit Plans We maintain pension plans covering certain of our employees. For financial reporting purposes, net periodic pension costs are calculated based upon a number of actuarial assumptions, including a discount rate for plan obligations, assumed rate of return on pension plan assets and assumed rate of compensation increases for plan employees. All of these assumptions are based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact the future expense recognition and cash funding requirements of our pension plans. The authoritative guidance provided by FASB requires us to recognize the funded status of our defined benefit pension and post-retirement benefit plans in our consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income (loss), net of tax. See Note 9, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The assessment of fair value for our financial instruments is based on the authoritative guidance provided by FASB in connection with fair value measurements. It defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. Carrying amounts of some of our financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to their short maturities. Based on borrowing rates currently available to us for loans with similar terms, the carrying value of notes payable to banks and loans payable approximate fair value and represent level 2 |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense We expense advertising as the costs are incurred. Advertising expense for the years ended March 31, 2017, 2016 2015 $411,000, $433,000 $437,000, |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development costs are charged to operations as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Our provision for income taxes is comprised of our current tax liability and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is required to reduce the deferred tax assets to the amount that management estimates is more likely than not not not not may 16, |
Other Nonoperating Income Expense [Policy Text Block] | Other Income (Expense) Other income and expense primarily consists of gains and losses on foreign currency transactions and interest income and expense, together with our share of income or loss from investments accounted for on the equity method and other than temporary impairment charges on available-for-sale securities. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Indemnification Product guarantees and warranties have not not no March 31, 2017 2016. |
Legal Contingencies [Policy Text Block] | Legal Contingencies We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The authoritative guidance provided by FASB requires that an estimated loss from a loss contingency should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. We evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our financial position, results of operations or cash flows. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income (loss) available per common share is computed using net income (loss) and the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed using net income (loss) and the weighted average number of common shares outstanding, assuming dilution, which includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock units using the treasury stock method. See Note 12, |
Accumulated Other Comprehensive Income [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents foreign currency translation adjustments, unrealized gain or loss on equity investments classified as “available-for-sale” and minimum pension liability, net of tax. See Note 11, |
Concentration and Business Risk [Policy Text Block] | Concentration and Business Risks Dependence on Third Parties for Wafer Fabrication and Assembly Measured in dollars, in fiscal 2017 52.6% third 47.4%. no not may may six Dependence on Suppliers We purchase silicon substrates from a limited number of vendors, most of whom we do not no not Employees Covered by Collective Bargaining Arrangements Approximately 56.3% 94.9% Concentration of Credit Risk Financial instruments that potentially subject us to credit risk comprise principally cash and cash equivalents and trade accounts receivable. We invest our excess cash in accordance with our investment policy that has been approved by the Board of Directors and is reviewed periodically by management to minimize credit risk. Regarding cash and cash equivalents, the policy authorizes the investment of excess cash in deposit accounts, certificates of deposit, bankers’ acceptances, commercial paper rated AA or better and other money market accounts and instruments of similar liquidity and credit quality. We invest our excess cash primarily in foreign and domestic banks in short term time deposit and money market accounts. Maturities are generally three may ninety not We sell our products primarily to distributors and original equipment manufacturers. We perform ongoing credit evaluations of our customers and generally do not See Note 15, 10% We continually monitor the credit risk in our portfolio and mitigate our credit risk exposures in accordance with the policies approved by our Board of Directors. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Plans We have employee equity incentive plans and an employee stock purchase plan, which are described more fully in Note 10, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements and Accounting Changes In May 2014, five December 15, 2017, December 15, 2016. We do not not Sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks, and rewards transfer. We do not In July 2015, 330, Inventory first 330 December 15, 2016, not In January 2016, not not not not Fair Value Measurements 820, may December 15, 2017, In February 2016, 12 December 15, 2018, In March 2016, December 15, 2016, not not In August 2016, eight December 15, 2017, not In October 2016, third December 15, 2017, first In November 2016, December 15, 2017, December 31, 2016. In January 2017, December 15, 2017, . In January 2017, second goodwill impairment is determined by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under the amended standard, goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not December 15, 2019, Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. March 31, 2017. not March 31, 2017. |
Note 2 - Summary of Significa29
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Allowance for Accounts Receivable Ship and Debit [Table Text Block] | Balance March 31, 2014 $ 1,071 Additions 5,765 Deductions (5,777 ) Balance March 31, 2015 1,059 Additions 4,479 Deductions (4,672 ) Balance March 31, 2016 866 Additions 7,363 Deductions (6,680 ) Balance March 31, 2017 $ 1,549 |
Schedule of Excess Inventory Reserve [Table Text Block] | Balance at March 31, 2014 $ 24,304 Utilization or sale (1,637 ) Scrap (2,901 ) Additional provision 4,487 Foreign currency translation adjustments (1,500 ) Balance at March 31, 2015 22,753 Utilization or sale (2,455 ) Scrap (3,217 ) Additional provision 4,125 Foreign currency translation adjustments 174 Balance at March 31, 2016 21,380 Utilization or sale (3,813 ) Scrap (3,682 ) Additional provision 5,838 Foreign currency translation adjustments (425 ) Balance at March 31, 2017 $ 19,298 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Consideration Allocation Cash and cash equivalents and restricted cash $ 196 Accounts receivable 1,497 Inventories 534 Property, plant and equipment 24 Prepaid expenses and other current assets 547 Identifiable intangible assets 2,867 Short-term borrowings (2,354 ) Accounts payable (614 ) Accruals and other liabilities (1,926 ) Total identifiable net liabilities 771 Goodwill 14,887 Total purchase consideration $ 15,658 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amortization Estimated Fair Value Method Useful Life (In thousands) (In months) Developed intellectual property $ 1,005 Accelerated 60 In-process research and development expenses (1) 1,188 Straight-line 60 Customer relationships 500 Accelerated 36 Contract backlog 174 Straight-line 6 Total $ 2,867 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2017 (1) March 31, 2016 (1) Fair Value Measured at Fair Value Measured at Reporting Date Using Reporting Date Using Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds (2) $ 90,752 $ 90,752 $ - $ 115,974 $ 115,974 $ - Marketable equity securities (3) 1,771 1,771 - 1,749 1,749 - Auction rate preferred securities (3) 350 - 350 350 - 350 Total assets measured at fair value $ 92,873 $ 92,523 $ 350 $ 118,073 $ 117,723 $ 350 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2017 2016 Marketable equity securities $ 1,771 $ 1,749 Auction rate preferred securities 350 350 Long-term equity method investments 11,589 10,977 Other items, including cost method investments 4,265 686 Total $ 17,975 $ 13,762 |
Available-for-sale Securities [Table Text Block] | Fiscal Year 2017 Fiscal Year 2016 Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Marketable equity securities $ 2,116 $ 254 $ (599 ) $ 1,771 $ 1,875 $ 46 $ (172 ) $ 1,749 Auction rate preferred securities $ 350 $ - $ - $ 350 $ 350 $ - $ - $ 350 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or Greater Total Period Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value March 31, 2017 $ 552 $ 469 $ 47 $ 263 $ 599 $ 732 March 31, 2016 $ 29 $ 581 $ 143 $ 932 $ 172 $ 1,513 |
Note 6 - Balance Sheet Details
Note 6 - Balance Sheet Details (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2017 2016 Accounts receivable, gross $ 45,856 $ 41,219 Allowances (4,689 ) (2,779 ) Accounts receivable, net $ 41,167 $ 38,440 |
Schedule of Allowance Movement [Table Text Block] | Balance at Beginning of Year Additions Utilization Translation Adjustments Balance at End of Year Allowances for accounts receivable and for doubtful accounts: Year ended March 31, 2017 $ 2,779 $ 10,608 $ (8,657 ) $ (41 ) $ 4,689 Year ended March 31, 2016 $ 2,768 $ 6,795 $ (6,799 ) $ 15 $ 2,779 Year ended March 31, 2015 $ 3,013 $ 8,935 $ (9,004 ) $ (176 ) $ 2,768 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2017 2016 Raw materials $ 17,920 $ 18,269 Work in process 45,634 41,549 Finished goods 25,882 29,786 Total $ 89,436 $ 89,604 |
Property, Plant and Equipment [Table Text Block] | March 31, 2017 2016 Property and plant (useful life of 24 years to 50 years) $ 38,195 $ 35,290 Equipment owned (useful life of 2 to 8 years) 137,105 139,318 Leasehold improvements (useful life of up to 40 years) 1,064 1,304 Property, plant and equipment, gross 176,364 175,912 Accumulated depreciation (134,124 ) (133,289 ) Property, plant and equipment, net $ 42,240 $ 42,623 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2017 2016 Uninvoiced goods and services $ 12,703 $ 8,824 Compensation and benefits 6,707 7,540 Income taxes 3,521 2,066 Commissions, royalties and other 2,416 2,860 Total $ 25,347 $ 21,290 |
Note 7 - Goodwill and Intangi34
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | March 31, 2017 2016 Goodwill $ 56,024 $ 41,137 Accumulated impairment losses (13,192 ) (13,192 ) Accumulated currency translation adjustment (477 ) (570 ) Net goodwill at beginning of year 42,355 27,375 Goodwill acquired in acquisition - 14,887 Currency translation adjustment (128 ) 93 Net goodwill at end of year $ 42,227 $ 42,355 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ 265 $ 14,168 $ 2,876 Customer relationships 13,520 123 13,397 - In-process intellectual property 1,188 1,003 185 - Contract backlog 7,329 - 7,329 - Other intangible assets 1,591 - 1,483 108 Total identifiable intangible assets $ 40,937 $ 1,391 $ 36,562 $ 2,984 Gross Intangible Assets Accumulated Impairment Accumulated Amortization Net Intangible Assets Developed intellectual property $ 17,309 $ - $ 11,639 $ 5,670 Customer relationships 13,520 - 12,961 559 In-process intellectual property 1,188 - - 1,188 Contract backlog 7,329 - 7,329 - Other intangible assets 1,599 - 1,409 190 Total identifiable intangible assets $ 40,945 $ - $ 33,338 $ 7,607 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amortization Estimated Fair Value Method Useful Life (In thousands) (In months) RadioPulse: Developed intellectual property $ 1,005 Accelerated 60 Customer relationships 500 Accelerated 36 In-process research and development expense 1,188 Straight-line 60 Contract backlog 174 Straight-line 6 Total for RadioPulse $ 2,867 Acquired MCU Business: Developed intellectual property $ 11,504 Straight-line 60 Customer relationships 6,920 Accelerated 36 Contract backlog 5,155 Straight-line 9 Trade name 421 Straight-line 60 Total for Acquired MCU Business $ 24,000 |
Note 8 - Borrowing Arrangemen35
Note 8 - Borrowing Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Fiscal Year Payable Amount 2018 $ 1,058 2019 1,047 2020 73,648 2021 1,048 2022 1,048 Thereafter - Total 77,849 Less: current portion 1,058 Long-term portion (1) $ 76,791 |
Note 9 - Pension Plans (Tables)
Note 9 - Pension Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended March 31, 2017 2016 2015 Service cost $ 109 $ 101 $ 104 Interest cost on projected benefit obligation 1,313 1,450 1,803 Expected return on plan assets (1,183 ) (1,721 ) (1,910 ) Recognized actuarial loss 387 438 179 Net periodic pension expense $ 626 $ 268 $ 176 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year Ended March 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation at the beginning of the year $ 45,021 $ 47,346 Service cost 109 101 Interest cost 1,313 1,450 Actuarial (gain) loss 3,356 (1,549 ) Benefits paid (1,543 ) (1,830 ) Foreign currency adjustment (5,073 ) (497 ) Projected benefit obligation at year end $ 43,183 $ 45,021 Change in plan assets: Fair value of plan assets at the beginning of the year $ 28,714 $ 30,114 Actual return (loss) on plan assets 3,526 (156 ) Employer contribution 993 1,009 Benefits paid from assets (1,083 ) (1,388 ) Foreign currency adjustment (3,868 ) (865 ) Plan assets at fair value at year end $ 28,282 $ 28,714 Unfunded status of the plan at year end $ 14,901 $ 16,307 Pension liability recognized on the balance sheet due after one year $ 14,901 $ 16,307 Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: Projected benefit obligation at year end $ 43,183 $ 45,021 Accumulated benefit obligation at year end $ 42,652 $ 44,509 Plan assets at fair value at year end $ 28,282 $ 28,714 Amounts recognized in accumulated other comprehensive income (loss): Unrecognized actuarial loss, before tax $ (11,457 ) $ (12,140 ) Amount recognized as component of stockholders’ equity – pretax $ (11,457 ) $ (12,140 ) Accumulated benefit obligation at year end $ 42,652 $ 44,509 |
Schedule of Assumptions Used [Table Text Block] | Year End March 31, 2017 2016 Discount rate 1.9 - 5.2% 1.9 - 4.6% Expected long term rate of return on assets 3.8 - 6.0% 4.4 - 7.0% Salary scale 5.0% 5.0% |
Defined Benefit Plan Plan Assets Fair Value [Table Text Block] | March 31, 2017 March 31, 2016 Description Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash funds $ 136 $ - $ 136 $ 121 $ - $ 121 Equity 314 - 314 351 - 351 Fixed interest 1,203 58 1,261 1,225 96 1,321 Mutual funds 13,181 13,390 26,571 13,527 13,394 26,921 Total $ 14,834 $ 13,448 $ 28,282 $ 15,224 $ 13,490 $ 28,714 |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Year Ended: Benefit Payment March 31, 2018 $ 1,525 March 31, 2019 1,561 March 31, 2020 1,632 March 31, 2021 1,660 March 31, 2022 1,611 Five fiscal years ended March 31, 2027 9,449 Total benefit payments for the ten fiscal years ended March 31, 2027 $ 17,438 |
Note 10 - Employee Equity Inc37
Note 10 - Employee Equity Incentive Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended March 31, Statement of Operations Classifications 2017 2016 2015 Cost of goods sold $ 362 $ 488 $ 433 Research, development and engineering (1) 1,144 1,272 814 Selling, general and administrative 1,932 1,832 1,620 Stock-based compensation effect in income before income tax provision 3,438 3,592 2,867 Provision for income tax 694 660 1,009 Net stock-based compensation effects on net income $ 2,744 $ 2,932 $ 1,858 |
Schedule of Employee Service Share Based Compensation Fair Value Assumptions and Methodology [Table Text Block] | Stock Options Purchase Plan Year Ended March 31, Year Ended March 31, 2017 2016 2015 2017 2016 2015 Weighted average estimated fair value of grant per share $ 4.48 $ 4.83 $ 5.54 $ 3.28 $ 3.33 $ 2.90 Risk-free interest rate 1.6 % 1.8 % 1.8 % 0.4 % 0.1 % 0.1 % Expected term in years 6.41 6.45 6.25 0.75 0.50 0.50 Volatility 40.6 % 44.9 % 52.2 % 37.5 % 39.8 % 36.9 % Dividend yield 0.4 % 1.2 % 1.0 % 0.7 % 1.1 % 1.1 % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock compensation activities under our equity incentive plans for fiscal 2017, 2016 and 2015 were as follows: Options Outstanding Shares Available for Grant Number of Shares (1) Intrinsic Value (2) Weighted Average Exercise Price per Share (000) Balances, March 31, 2014 1,930,250 5,201,635 $ 8,658 $ 10.22 Options granted (249,000 ) 249,000 $ 11.83 Options exercised - (339,374 ) $ 1,310 $ 8.62 Options cancelled 39,750 (94,250 ) $ 11.46 Options expired 26,000 (74,500 ) $ 11.17 Balances, March 31, 2015 1,747,000 4,942,511 $ 10,831 $ 10.37 Options granted (1,124,000 ) 1,124,000 $ 11.72 Options exercised - (382,826 ) $ 1,551 $ 9.02 Options cancelled 14,500 (14,500 ) $ 11.31 Options expired - (434,788 ) $ 14.68 Balances, March 31, 2016 637,500 5,234,397 $ 6,456 $ 10.40 New shares authorized (3) 2,000,000 Options granted (746,000 ) 746,000 $ 11.06 Options exercised - (859,852 ) $ 3,112 $ 9.10 Options cancelled 7,500 (7,500 ) $ 13.37 Options expired 22,500 (27,500 ) $ 11.81 Balances, March 31, 2017 1,921,500 5,085,545 $ 19,570 $ 10.70 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $ 5.01 - 7.75 576,500 1.6 $ 6.66 576,500 $ 6.66 $ 7.76 - 10.00 843,295 4.7 $ 9.30 783,545 $ 9.30 $ 10.01 - 12.50 2,890,750 6.9 $ 11.31 1,417,000 $ 11.51 $ 12.51 - 14.50 775,000 5.4 $ 12.95 523,250 $ 12.78 $ 5.01 - 14.50 5,085,545 5.7 $ 10.70 3,300,295 $ 10.34 Options Outstanding Options Exercisable Exercise Price per Share Number of Shares Outstanding Weighted Average Contractual Life Weighted Average Exercise Price per Share Number of Shares Exercisable Weighted Average Exercise Price per Share $ 5.01 - 7.75 819,897 2.6 $ 6.63 819,897 $ 6.63 $ 7.76 - 10.00 1,223,500 4.8 $ 9.33 1,017,750 $ 9.29 $ 10.01 - 12.50 2,448,000 6.6 $ 11.42 1,331,916 $ 11.52 $ 12.51 - 13.37 743,000 6.1 $ 12.96 450,000 $ 12.69 $ 5.01 - 13.37 5,234,397 5.5 $ 10.40 3,619,563 $ 9.93 |
Note 11 - Accumulated Other C38
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Unrealized Gains (Losses) on Securities Defined Benefit Pension Plans Accumulated Other Comprehensive (Loss) Balance as of March 31, 2014 $ 10,535 $ 325 $ (5,831 ) $ 5,029 Other comprehensive income (loss) before reclassifications (24,112 ) (1,536 ) (3,830 ) (29,478 ) Net gain (loss) reclassified from accumulated other comprehensive income (loss) - 1,218 143 1,361 Net current period other comprehensive income (loss) (24,112 ) (318 ) (3,687 ) (28,117 ) Balance as of March 31, 2015 (13,577 ) 7 (9,518 ) (23,088 ) Other comprehensive income (loss) before reclassifications 2,938 (362 ) (71 ) 2,505 Net gain (loss) reclassified from accumulated other comprehensive income (loss) - 273 44 317 Net current period other comprehensive income (loss) 2,938 (89 ) (27 ) 2,822 Balance as of March 31, 2016 (10,639 ) (82 ) (9,545 ) (20,266 ) Other comprehensive income (loss) before reclassifications (8,594 ) (106 ) 196 (8,504 ) Net gain (loss) reclassified from accumulated other comprehensive income (loss) - (31 ) 256 225 Net current period other comprehensive income (loss) (8,594 ) (137 ) 452 (8,279 ) Balance as of March 31, 2017 $ (19,233 ) $ (219 ) $ (9,093 ) $ (28,545 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Impacted Line Item on Consolidated Statements of Operations Year Ended March 31, 2017 2016 2015 Net gain (loss) on investments $ 201 $ (1 ) $ 30 Other income (expense), net Impairment of marketable securities (151 ) (454 ) (1,903 ) Other income (expense), net Recognized actuarial loss (387 ) (437 ) (179 ) Cost of goods sold Subtotal (337 ) (892 ) (2,052 ) Income before income tax provision Tax impact 112 575 691 Provision for income tax Total reclassifications for the year $ (225 ) $ (317 ) $ (1,361 ) Net income |
Note 12 - Computation of Earn39
Note 12 - Computation of Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2017 2016 2015 Net income $ 21,348 $ 14,741 $ 23,740 Weighted average shares - basic 31,544 31,579 31,531 Weighted average shares - diluted 32,248 32,381 32,239 Net income per share - basic $ 0.68 $ 0.47 $ 0.75 Net income per share - diluted $ 0.66 $ 0.46 $ 0.74 |
Note 15 - Segment and Geograp40
Note 15 - Segment and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended March 31, 2017 2016 2015 United States $ 81,499 $ 75,994 $ 85,314 Europe and the Middle East: Austria 2,313 1,836 2,290 Finland 2,178 1,899 1,669 France 9,553 9,076 7,917 Germany 37,919 33,215 32,866 Hungary 1,942 2,082 2,571 Italy 4,091 4,328 4,645 Netherlands 4,488 3,608 2,315 Russia 1,263 4,773 5,051 Sweden 1,694 2,155 4,460 Switzerland 2,311 2,789 2,569 Turkey 1,929 2,376 2,658 United Kingdom 14,042 13,502 19,832 Other 10,097 10,700 11,259 Asia Pacific: China 84,447 79,575 83,597 Indonesia 2,160 2,128 3,224 Japan 6,995 9,271 8,469 Malaysia 4,692 4,662 5,580 Singapore 13,509 12,353 11,694 South Korea 19,282 23,215 22,371 Taiwan 2,051 3,151 2,688 Thailand 3,547 3,904 4,300 Other 1,557 1,929 1,148 Rest of the World: India 4,315 4,293 5,163 Other 4,249 4,395 5,117 Total $ 322,123 $ 317,209 $ 338,767 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended March 31, 2017 2016 2015 Power semiconductors $ 221,312 $ 213,347 $ 219,445 Integrated circuits 82,067 84,078 95,547 Systems and RF power semiconductors 18,744 19,784 23,775 Total $ 322,123 $ 317,209 $ 338,767 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended March 31, 2017 2016 2015 Revenues: Distributor A 12.3 % 12.2 % 10.2 % Distributor B 10.8 % less than 10 % 10.5 % March 31, 2017 2016 Accounts Receivable: Distributor A 15.2 % 18.2 % Distributor C 10.5 % less than 10 % |
Summary of Net Revenues, Net Income of Domestic and Foreign Operations [Table Text Block] | Year Ended March 31, 2017 2016 2015 Net revenues: Foreign $ 148,159 $ 159,984 $ 188,964 Domestic 173,964 157,225 149,803 Total $ 322,123 $ 317,209 $ 338,767 Net income: Foreign $ 17,172 $ 11,039 $ 21,379 Domestic 4,176 3,702 2,361 Total $ 21,348 $ 14,741 $ 23,740 |
Long-lived Assets by Geographic Areas [Table Text Block] | March 31, 2017 2016 2015 Property, plant and equipment, net: United States $ 25,284 $ 26,792 $ 27,740 Germany 15,594 14,506 13,228 Other countries 1,362 1,325 1,577 Total property, plant and equipment, net $ 42,240 $ 42,623 $ 42,545 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2017 2016 2015 Domestic $ 7,997 $ 9,030 $ 3,390 International 20,903 14,459 27,040 Total $ 28,900 $ 23,489 $ 30,430 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2017 2016 2015 Current: Federal $ 406 $ 1,418 $ 201 State (560 ) 126 83 Foreign 4,532 3,436 5,066 Total current 4,378 4,980 5,350 Deferred: Federal 1,867 3,554 945 State 1,256 189 20 Foreign 51 25 375 Total deferred 3,174 3,768 1,340 Total provision for income tax $ 7,552 $ 8,748 $ 6,690 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2017 2016 2015 (%) (%) (%) Statutory federal income tax rate 35 35 35 State taxes, net of federal tax benefit 1 1 1 Expense (benefit) of lower-tax foreign jurisdictions (17 ) (10 ) (15 ) Tax credits (2 ) (3 ) (1 ) Valuation allowances 4 3 - Permanent items - (5 ) - Tax reserves 1 - - Tax asset write-off 2 10 - Foreign income 2 6 2 Effective tax provision rate 26 37 22 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2017 2016 Deferred tax assets: Reserves and allowances $ 5,504 $ 6,018 Other liabilities and accruals 6,297 6,176 Depreciable assets 404 83 Net operating loss carryforwards 10,236 11,675 Share-based compensation 4,721 5,098 Credits carryforward 2,188 2,440 Total deferred tax assets 29,350 31,490 Less: Valuation allowances and other reserves (4,611 ) (3,466 ) Net deferred tax assets $ 24,739 $ 28,024 |
Summary of Income Tax Contingencies [Table Text Block] | Balance as of March 31, 2014 $ 6,978 Lapse of statute of limitations (3,070 ) Increases in balances related to tax positions taken during prior periods 213 Increases in balances related to tax positions taken during the current period 2,831 Balance as of March 31, 2015 6,952 Lapse of statute of limitations (772 ) Increases in balances related to tax positions taken during prior periods 129 Increases in balances related to tax positions taken during the current period 637 Balance as of March 31, 2016 6,946 Lapse of statute of limitations (1,461 ) Decreases in balances related to tax positions taken during prior periods (63 ) Increases in balances related to tax positions taken during the current period 1,021 Balance as of March 31, 2017 $ 6,443 |
Note 17 - Commitments and Con42
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Capital Leases Operating Leases and Purchase Obligations [Table Text Block] | Fiscal Year Ended March 31, Operating Leases Other Purchase Obligations 2018 $ 1,350 $ 23,700 2019 1,209 2,776 2020 1,087 - 2021 667 - 2022 473 - Total minimum payments $ 4,786 $ 26,476 |
Selected Quarterly Financial 43
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 Net revenues $ 83,372 $ 79,484 $ 78,629 $ 80,638 Gross profit 29,194 26,939 25,455 23,994 Operating income 9,233 7,819 6,771 5,029 Net income $ 9,294 $ 5,100 $ 3,935 $ 3,019 Net income per share: Basic (1) $ 0.29 $ 0.16 $ 0.12 $ 0.10 Diluted (1) $ 0.28 $ 0.16 $ 0.12 $ 0.09 Weighted average shares used in per share calculation: Basic 31,724 31,558 31,490 31,401 Diluted 32,635 32,209 32,145 32,001 Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 Net revenues $ 79,772 $ 75,133 $ 80,257 $ 82,047 Gross profit 24,115 24,029 26,012 25,602 Operating income 6,834 6,262 7,033 5,704 Net income (2) $ 6,197 $ 2,286 $ 3,273 $ 2,985 Net income per share: Basic (1) $ 0.20 $ 0.07 $ 0.10 $ 0.09 Diluted (1) $ 0.19 $ 0.07 $ 0.10 $ 0.09 Weighted average shares used in per share calculation: Basic 31,441 31,487 31,651 31,746 Diluted 32,076 32,343 32,380 32,733 |
Note 2 - Summary of Significa44
Note 2 - Summary of Significant Accounting Policies (Details Textual) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2017EUR (€) | Dec. 12, 2014 | |
Revenue from Distributors | 58.70% | 56.70% | 55.60% | ||||
Allowances for Stock Rotation | $ 1,459 | $ 1,494 | $ 1,741 | ||||
Restricted Cash and Cash Equivalents, Current | $ 1,330 | 277 | |||||
Gross Profit Margin from Sales of Excess Inventory | 100.00% | ||||||
Product Part Numbers | 10,000 | 10,000 | |||||
Inventory Valuation Reserves, Lower of Cost or Market, Value | $ 384 | 409 | |||||
Income (Loss) from Equity Method Investments | 809 | (120) | (7) | ||||
Cost Method Investments | $ 3,100 | 0 | |||||
Number of Reporting Units | 1 | ||||||
Impairment of Intangible Assets, Finite-lived | $ 1,400 | $ 1,391 | |||||
Advertising Expense | $ 411 | 433 | 437 | ||||
Percentage of Wafers Manufactured Internally | 52.60% | 52.60% | |||||
Percentage of Wafers Manufactured Externally | 47.40% | 47.40% | |||||
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | UNITED KINGDOM | |||||||
Concentration Risk, Percentage | 56.30% | ||||||
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | GERMANY | |||||||
Concentration Risk, Percentage | 94.90% | ||||||
Powersem GmbH [Member] | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | |||||
EB Tech Ltd [Member] | |||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||
ATEC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 24.00% | 24.00% | 24.00% | ||||
Income (Loss) from Equity Method Investments | $ 765 | $ (9) | $ (140) | ||||
Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 2 years | ||||||
Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 8 years | ||||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 24 years | ||||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 50 years | ||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||
Security Deposit | $ 1,100 | € 1,000 | |||||
Security Deposit, Maturity Date | Dec. 29, 2017 |
Note 2 - Summary of Significa45
Note 2 - Summary of Significant Accounting Policies - Allowance for Ship and Debit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Beginning Balance | $ 866 | $ 1,059 | $ 1,071 |
Additions | 7,363 | 4,479 | 5,765 |
Deductions | (6,680) | (4,672) | (5,777) |
Ending Balance | $ 1,549 | $ 866 | $ 1,059 |
Note 2 - Summary of Significa46
Note 2 - Summary of Significant Accounting Policies - Excess and Obsolete Inventory Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Beginning Balance | $ 21,380 | $ 22,753 | $ 24,304 |
Utilization or sale | (3,813) | (2,455) | (1,637) |
Scrap | (3,682) | (3,217) | (2,901) |
Additional provision | 5,838 | 4,125 | 4,487 |
Foreign currency translation adjustments | (425) | 174 | (1,500) |
Ending Balance | $ 19,298 | $ 21,380 | $ 22,753 |
Note 3 - Business Combination47
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | May 01, 2015 | May 31, 2015 | Dec. 31, 2016 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Impairment of Intangible Assets, Finite-lived | $ 1,400 | $ 1,391 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 14,472 | $ 2,297 | ||||||
Goodwill, Acquired During Period | $ 14,900 | 14,887 | ||||||
Goodwill, Foreign Currency Translation Gain (Loss) | (128) | 93 | ||||||
RadioPulse [Member] | ||||||||
Business Combination, Consideration Transferred | $ 15,700 | |||||||
Payments to Acquire Businesses, Gross | 14,700 | |||||||
Business Combination, Consideration Transferred, Other | 1,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,000 | |||||||
Business Acquisition, Transaction Costs | 248 | |||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | 249 | $ 249 | ||||||
Business Combination, Contingent Consideration, Liability | $ 0 | 0 | ||||||
Impairment of Intangible Assets, Finite-lived | $ 1,400 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 4,100 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (3,600) | |||||||
Other Acquisition [Member] | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 2,300 | |||||||
Cash Acquired from Acquisition | 204 | |||||||
Goodwill, Acquired During Period | 2,800 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 723 | |||||||
Goodwill, Foreign Currency Translation Gain (Loss) | $ (605) |
Note 3 - Business Combination48
Note 3 - Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | May 01, 2015 | Mar. 31, 2015 |
Goodwill | $ 42,227 | $ 42,355 | $ 27,375 | |
RadioPulse [Member] | ||||
Cash and cash equivalents and restricted cash | $ 196 | |||
Accounts receivable | 1,497 | |||
Inventories | 534 | |||
Property, plant and equipment | 24 | |||
Prepaid expenses and other current assets | 547 | |||
Identifiable intangible assets | 2,867 | |||
Short-term borrowings | (2,354) | |||
Accounts payable | (614) | |||
Accruals and other liabilities | (1,926) | |||
Total identifiable net liabilities | 771 | |||
Goodwill | 14,887 | |||
Total purchase consideration | $ 15,658 |
Note 3 - Business Combination49
Note 3 - Business Combinations - Acquired Finite-lived Intangible Assets (Details) $ in Thousands | May 01, 2015USD ($) | |
Fair Value | $ 2,867 | |
Developed Technology Rights [Member] | ||
Fair Value | $ 1,005 | |
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | |
In Process Research and Development [Member] | ||
Fair Value | $ 1,188 | [1] |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | [1] |
Customer Relationships [Member] | ||
Fair Value | $ 500 | |
Finite-Lived Intangible Assets, Amortization Method | Accelerated | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 3 years | |
Order or Production Backlog [Member] | ||
Fair Value | $ 174 | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | |
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 180 days | |
[1] | Amortization started in the quarter ended December 31, 2016 upon the completion of the research and development activities of the corresponding projects. |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) xbrli-pure in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Debt, Long-term and Short-term, Combined Amount | $ 77,800 | $ 87,100 | |
Other than Temporary Impairment Losses, Investments | $ 151 | $ 454 | $ 1,900 |
Derivative, Number of Instruments Held | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 | |
Liabilities, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Note 4 - Fair Value - Assets an
Note 4 - Fair Value - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
Marketable equity securities | $ 1,771 | $ 1,749 | |
Auction rate preferred securities | 350 | 350 | |
Fair Value, Measurements, Recurring [Member] | |||
Money market funds | [1],[2] | 90,752 | 115,974 |
Marketable equity securities | [2],[3] | 1,771 | 1,749 |
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total assets measured at fair value | [2] | 92,873 | 118,073 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Money market funds | [1],[2] | 90,752 | 115,974 |
Marketable equity securities | [2],[3] | 1,771 | 1,749 |
Auction rate preferred securities | [2],[3] | ||
Total assets measured at fair value | [2] | 92,523 | 117,723 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Money market funds | [1],[2] | ||
Marketable equity securities | [2],[3] | ||
Auction rate preferred securities | [2],[3] | 350 | 350 |
Total assets measured at fair value | [2] | $ 350 | $ 350 |
[1] | Included in "Cash and cash equivalents" on our audited consolidated balance sheets. | ||
[2] | We did not have any recurring fair value measurements of assets or liabilities whose fair value was measured using significant unobservable inputs. | ||
[3] | Included in "Other assets" on our audited consolidated balance sheets. |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 12, 2014 | |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | $ (219) | $ (82) | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | 201 | |||
Equity Method Investments | 11,589 | 10,977 | ||
Income (Loss) from Equity Method Investments | 809 | (120) | $ (7) | |
Cost Method Investments | $ 3,100 | 0 | ||
Powersem GmbH [Member] | ||||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Equity Method Investments | $ 2,500 | 2,500 | ||
EB Tech Ltd [Member] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Equity Method Investments | $ 2,600 | 2,700 | ||
ATEC [Member] | ||||
Equity Method Investment, Ownership Percentage | 24.00% | 24.00% | ||
Equity Method Investments | $ 6,500 | 5,700 | $ 5,900 | |
Income (Loss) from Equity Method Investments | $ 765 | (9) | $ (140) | |
Sold Securities [Member] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ (28) |
Note 5 - Other Assets - Other A
Note 5 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Marketable equity securities | $ 1,771 | $ 1,749 |
Auction rate preferred securities | 350 | 350 |
Long-term equity method investments | 11,589 | 10,977 |
Other items, including cost method investments | 4,265 | 686 |
Total | $ 17,975 | $ 13,762 |
Note 5 - Other Assets - Availab
Note 5 - Other Assets - Available-for-sale Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Equity Securities [Member] | ||
Gross unrealized (losses) | $ (599) | $ (172) |
Fair value | 1,771 | 1,749 |
Cost | 2,116 | 1,875 |
Gross unrealized gains | 254 | 46 |
Auction Rate Securities [Member] | ||
Gross unrealized (losses) | ||
Fair value | 350 | 350 |
Cost | 350 | 350 |
Gross unrealized gains |
Note 5 - Other Assets - Unreali
Note 5 - Other Assets - Unrealized Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total gross unrealized losses | $ 599 | $ 172 |
Total fair value | 732 | 1,513 |
Less than 12 months gross unrealized losses | 552 | 29 |
Less than 12 months fair value | 469 | 581 |
12 months or greater gross unrealized losses | 47 | 143 |
12 months or greater fair value | $ 263 | $ 932 |
Note 6 - Balance Sheet Detail56
Note 6 - Balance Sheet Details (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Depreciation | $ 7.5 | $ 8.4 | $ 11.3 |
Note 6 - Balance Sheet Detail57
Note 6 - Balance Sheet Details - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts receivable, gross | $ 45,856 | $ 41,219 | ||
Allowances | (4,689) | (2,779) | $ (2,768) | $ (3,013) |
Accounts receivable, net | $ 41,167 | $ 38,440 |
Note 6 - Balance Sheet Detail58
Note 6 - Balance Sheet Details - Allowances Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Allowances for accounts receivable and for doubtful accounts: | |||
Translation adjustments | $ (41) | $ 15 | $ (176) |
Balance at end of year | 4,689 | 2,779 | 2,768 |
Balance at beginning of year | 2,779 | 2,768 | 3,013 |
Additions | 10,608 | 6,795 | 8,935 |
Utilization | $ (8,657) | $ (6,799) | $ (9,004) |
Note 6 - Balance Sheet Detail59
Note 6 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Raw materials | $ 17,920 | $ 18,269 |
Work in process | 45,634 | 41,549 |
Finished goods | 25,882 | 29,786 |
Total | $ 89,436 | $ 89,604 |
Note 6 - Balance Sheet Detail60
Note 6 - Balance Sheet Details - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Property, plant and equipment, gross | $ 176,364 | $ 175,912 | |
Accumulated depreciation | (134,124) | (133,289) | |
Property, plant and equipment, net | 42,240 | 42,623 | $ 42,545 |
Building and Building Improvements [Member] | |||
Property, plant and equipment, gross | 38,195 | 35,290 | |
Equipment [Member] | |||
Property, plant and equipment, gross | 137,105 | 139,318 | |
Leasehold Improvements [Member] | |||
Property, plant and equipment, gross | $ 1,064 | $ 1,304 |
Note 6 - Balance Sheet Detail61
Note 6 - Balance Sheet Details - Property, Plant and Equipment (Details) (Parentheticals) | 12 Months Ended |
Mar. 31, 2017 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 24 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 50 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 8 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Note 6 - Balance Sheet Detail62
Note 6 - Balance Sheet Details - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Uninvoiced goods and services | $ 12,703 | $ 8,824 |
Compensation and benefits | 6,707 | 7,540 |
Income taxes | 3,521 | 2,066 |
Commissions, royalties and other | 2,416 | 2,860 |
Total | $ 25,347 | $ 21,290 |
Note 7 - Goodwill and Intangi63
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill, Acquired During Period | $ 14,900 | $ 14,887 | |||
Amortization of Intangible Assets | 3,068 | 5,555 | $ 5,978 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2,400 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 596 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 13,192 | 13,192 | |||
Impairment of Intangible Assets, Finite-lived | $ 1,400 | $ 1,391 |
Note 7 - Goodwill and Intangi64
Note 7 - Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill | $ 56,024 | $ 41,137 | |
Accumulated impairment losses | (13,192) | (13,192) | |
Accumulated currency translation adjustment | (477) | (570) | |
Net goodwill at beginning of year | 42,355 | 27,375 | |
Goodwill acquired in acquisition | $ 14,900 | 14,887 | |
Currency translation adjustment | (128) | 93 | |
Net goodwill at end of year | $ 42,227 | $ 42,355 |
Note 7 - Goodwill and Intangi65
Note 7 - Goodwill and Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Net intangible assets | $ 2,984 | $ 7,607 |
Gross intangible assets | 40,937 | 40,945 |
Accumulated Impairment | 1,391 | |
Accumulated amortization | 36,562 | 33,338 |
Developed Technology Rights [Member] | ||
Net intangible assets | 2,876 | 5,670 |
Gross intangible assets | 17,309 | 17,309 |
Accumulated Impairment | 265 | |
Accumulated amortization | 14,168 | 11,639 |
Customer Relationships [Member] | ||
Net intangible assets | 559 | |
Gross intangible assets | 13,520 | 13,520 |
Accumulated Impairment | 123 | |
Accumulated amortization | 13,397 | 12,961 |
In Process Research and Development [Member] | ||
Net intangible assets | 1,188 | |
Gross intangible assets | 1,188 | 1,188 |
Accumulated Impairment | 1,003 | |
Accumulated amortization | 185 | |
Contract Backlog [Member] | ||
Net intangible assets | ||
Gross intangible assets | 7,329 | 7,329 |
Accumulated Impairment | ||
Accumulated amortization | 7,329 | 7,329 |
Other Intangible Assets [Member] | ||
Net intangible assets | 108 | 190 |
Gross intangible assets | 1,591 | 1,599 |
Accumulated Impairment | ||
Accumulated amortization | $ 1,483 | $ 1,409 |
Note 7 - Goodwill and Intangi66
Note 7 - Goodwill and Intangible Assets - Acquired Intangibles (Details) - USD ($) $ in Thousands | May 01, 2015 | Jun. 27, 2013 | |
Fair Value | $ 2,867 | ||
Customer Relationships [Member] | |||
Fair Value | $ 500 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 3 years | ||
In Process Research and Development [Member] | |||
Fair Value | [1] | $ 1,188 | |
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | [1] | 5 years | |
RadioPulse [Member] | |||
Fair Value | $ 2,867 | ||
RadioPulse [Member] | Intellectual Property [Member] | |||
Fair Value | $ 1,005 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | ||
RadioPulse [Member] | Customer Relationships [Member] | |||
Fair Value | $ 500 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 3 years | ||
RadioPulse [Member] | In Process Research and Development [Member] | |||
Fair Value | $ 1,188 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | ||
RadioPulse [Member] | Contract Backlog [Member] | |||
Fair Value | $ 174 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 180 days | ||
Acquired MCU Business [Member] | |||
Fair Value | $ 24,000 | ||
Acquired MCU Business [Member] | Intellectual Property [Member] | |||
Fair Value | $ 11,504 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | ||
Acquired MCU Business [Member] | Customer Relationships [Member] | |||
Fair Value | $ 6,920 | ||
Finite-Lived Intangible Assets, Amortization Method | Accelerated | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 3 years | ||
Acquired MCU Business [Member] | Contract Backlog [Member] | |||
Fair Value | $ 5,155 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 270 days | ||
Acquired MCU Business [Member] | Trade Names [Member] | |||
Fair Value | $ 421 | ||
Finite-Lived Intangible Assets, Amortization Method | Straight-line | ||
Acquired Finite-Lived Intangible Assets, Estimated Useful Life (Month) | 5 years | ||
[1] | Amortization started in the quarter ended December 31, 2016 upon the completion of the research and development activities of the corresponding projects. |
Note 8 - Borrowing Arrangemen67
Note 8 - Borrowing Arrangements (Details Textual) € in Thousands, $ in Thousands | Nov. 20, 2015USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2017USD ($) | Nov. 30, 2016 | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2017EUR (€) | Mar. 31, 2016USD ($) | Apr. 30, 2015EUR (€) | |
Long-term Debt, Gross | [1] | $ 76,791 | $ 76,791 | ||||||||
Debt Issuance Costs, Net | 399 | 399 | |||||||||
April 2015 IKB Deutsche Industriebank Loan Payable [Member] | |||||||||||
Debt Instrument, Face Amount | $ 7,200 | € 6,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.75% | |||||||||
Debt Instrument, Periodic Payment, Principal | 248 | € 232 | |||||||||
Security Deposit | 1,100 | 1,100 | € 1,000 | ||||||||
Long-term Debt, Gross | 5,000 | 5,000 | € 4,600 | ||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||||||
Security Deposit, Maturity Date | Dec. 29, 2017 | ||||||||||
Notes Payable, Other Payables [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 288 | 288 | $ 1,100 | ||||||||
Bank of West Amended and Restated Credit Agreement November 20, 2015 [Member] | |||||||||||
Long-term Line of Credit | 72,600 | 72,600 | 80,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||||||||||
Line of Credit, Leverage Ratio | 2 | ||||||||||
Debt Issuance Costs, Net | 399 | 399 | $ 304 | ||||||||
Line of Credit Facility, Initiation Date | Nov. 20, 2015 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | |||||||||||
Available Credit Line for Letter of Credit | $ 10,000 | $ 10,000 | |||||||||
Line of Credit Facility, Interest Rate at Period End | 2.85% | 2.85% | 2.85% | ||||||||
Line of Credit, Leverage Ratio | 2.5 | ||||||||||
Debt Issuance Costs, Gross | $ 281 | ||||||||||
Line of Credit Facility, Expiration Date | Nov. 20, 2019 | ||||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 0.75% | 0.75% | 0.75% | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.25% | |||||||||
Bank of West Amended and Restated Credit Agreement December, 2016 [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility Basis Spread on Variable Rate | 2.50% | 2.50% | 2.50% | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.625% | 0.625% | |||||||||
[1] | Includes approximately $399,000 of unamortized debt issuance cost. |
Note 8 - Borrowing Arrangemen68
Note 8 - Borrowing Arrangements - Aggregate Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
2,018 | $ 1,058 | ||
2,019 | 1,047 | ||
2,020 | 73,648 | ||
2,021 | 1,048 | ||
2,022 | 1,048 | ||
Thereafter | |||
Total | 77,849 | ||
Less: current portion | 1,058 | $ 1,804 | |
Long-term portion (1) | [1] | $ 76,791 | |
[1] | Includes approximately $399,000 of unamortized debt issuance cost. |
Note 9 - Pension Plans (Details
Note 9 - Pension Plans (Details Textual) $ in Thousands | Mar. 31, 2017USD ($) |
Number of Defined Benefit Plans | 3 |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 397 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 948 |
Pension Plan [Member] | Foreign Plan [Member] | GERMANY | |
Defined Benefit Plan Percentage of Accrued Pension Liability By Each Plan | 73.00% |
Pension Plan [Member] | Foreign Plan [Member] | UNITED KINGDOM | |
Defined Benefit Plan Percentage of Accrued Pension Liability By Each Plan | 25.00% |
Pension Plan [Member] | Foreign Plan [Member] | UNITED KINGDOM | Diversified Growth Fund [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% |
Pension Plan [Member] | Foreign Plan [Member] | UNITED KINGDOM | Debt Securities [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% |
Pension Plan [Member] | Foreign Plan [Member] | PHILIPPINES | Fixed Income Securities [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 75.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% |
Pension Plan [Member] | Foreign Plan [Member] | PHILIPPINES | Equity Securities [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 19.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Pension Plan [Member] | Foreign Plan [Member] | PHILIPPINES | Cash [Member] | |
Defined Benefit Plan, Actual Plan Asset Allocations | 6.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% |
Note 9 - Pension Plans - Net Pe
Note 9 - Pension Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Service cost | $ 109 | $ 101 | $ 104 |
Interest cost | 1,313 | 1,450 | 1,803 |
Expected return on plan assets | (1,183) | (1,721) | (1,910) |
Recognized actuarial loss | 387 | 438 | 179 |
Net periodic pension expense | $ 626 | $ 268 | $ 176 |
Note 9 - Pension Plans - Net Am
Note 9 - Pension Plans - Net Amount Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | |
Change in projected benefit obligation: | |||||
Projected benefit obligation at the beginning of the year | $ 45,021 | $ 47,346 | |||
Service cost | 109 | 101 | $ 104 | ||
Interest cost | 1,313 | 1,450 | 1,803 | ||
Actuarial (gain) loss | 3,356 | (1,549) | |||
Benefits paid | (1,543) | (1,830) | |||
Foreign currency adjustment | (5,073) | (497) | |||
Projected benefit obligation at year end | 43,183 | 45,021 | 47,346 | ||
Change in plan assets: | |||||
Fair value of plan assets at the beginning of the year | 28,714 | 30,114 | |||
Actual return (loss) on plan assets | 3,526 | (156) | |||
Employer contribution | 993 | 1,009 | |||
Benefits paid from assets | (1,083) | (1,388) | |||
Foreign currency adjustment | (3,868) | (865) | |||
Plan assets at fair value at year end | 28,282 | 28,714 | 30,114 | ||
Unfunded status of the plan at year end | $ 14,901 | $ 16,307 | |||
Pension liability recognized on the balance sheet due after one year | 14,901 | 16,307 | |||
Plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets: | |||||
Projected benefit obligation at year end | 43,183 | 45,021 | |||
Accumulated benefit obligation at year end | 42,652 | 44,509 | |||
Plan assets at fair value at year end | $ 28,714 | $ 28,714 | $ 30,114 | 28,282 | 28,714 |
Amounts recognized in accumulated other comprehensive income (loss): | |||||
Unrecognized actuarial loss, before tax | (11,457) | (12,140) | |||
Amount recognized as component of stockholders’ equity – pretax | (11,457) | (12,140) | |||
Accumulated benefit obligation at year end | $ 42,652 | $ 44,509 |
Note 9 - Pension Plans - Assump
Note 9 - Pension Plans - Assumptions Used in Calculations (Details) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Salary scale | 5.00% | 5.00% |
Minimum [Member] | ||
Discount rate | 1.90% | 1.90% |
Expected long term rate of return on assets | 3.80% | 4.40% |
Maximum [Member] | ||
Discount rate | 5.20% | 4.60% |
Expected long term rate of return on assets | 6.00% | 7.00% |
Note 9 - Pension Plans - Inform
Note 9 - Pension Plans - Information on Plan Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 28,282 | $ 28,714 | $ 30,114 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 136 | 121 | |
Equity Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 314 | 351 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,261 | 1,321 | |
Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26,571 | 26,921 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14,834 | 15,224 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 136 | 121 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 314 | 351 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,203 | 1,225 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13,181 | 13,527 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13,448 | 13,490 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 58 | 96 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,390 | $ 13,394 |
Note 9 - Pension Plans - Estima
Note 9 - Pension Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Mar. 31, 2017USD ($) |
March 31, 2018 | $ 1,525 |
March 31, 2019 | 1,561 |
March 31, 2020 | 1,632 |
March 31, 2021 | 1,660 |
March 31, 2022 | 1,611 |
Five fiscal years ended March 31, 2027 | 9,449 |
Total benefit payments for the ten fiscal years ended March 31, 2027 | $ 17,438 |
Note 10 - Employee Equity Inc75
Note 10 - Employee Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Aug. 26, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Aug. 30, 2013 | Sep. 16, 2011 | Sep. 10, 2009 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,800 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | |||||||||
Share Price | $ 14.55 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,921,500 | 637,500 | 1,747,000 | 1,930,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | [1] | 2,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,900 | $ 2,800 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | [2] | 5,085,545 | 5,234,397 | 4,942,511 | 5,201,635 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,300,295 | 3,619,563 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 10.34 | $ 9.93 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 13,900 | $ 6,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 255 days | 5 years 182 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 36 days | 4 years | ||||||||
RadioPulse [Member] | ||||||||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 249 | $ 249 | ||||||||
Plan 2009 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | |||||||||
Plan 2011 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | |||||||||
Plan 2013 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |||||||||
Plan 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | |||||||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven Two Thousand and Thirteen and Two Thousand and Sixteen [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Stock Options of Plans Two Thousand and Nine Two Thousand and Eleven Two Thousand and Thirteen and Two Thousand and Sixteen [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven Two Thousand and Thirteen and Two Thousand and Sixteen [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||||||
Stock Appreciation Rights of Plans Two Thousand and Nine Two Thousand and Eleven Two Thousand and Thirteen and Two Thousand and Sixteen [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Employee Stock Purchase Plan 1999 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,550,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 15.00% | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 112,171 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 128,070 | |||||||||
Zilog 2004 Plan [Member] | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Number of Shares Assumed | 652,963 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||||||
Zilog 2004 Plan [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||||||
Zilog 2002 Plan [Member] | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Award Number of Shares Assumed | 366,589 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||||||
[1] | On August 26, 2016, our stockholders approved the 2016 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. | |||||||||
[2] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Note 10 - Employee Equity Inc76
Note 10 - Employee Equity Incentive Plans - Stock-based Compensation in Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Stock-based Compensation Effect in Income before Taxes | $ 3,438 | $ 3,592 | $ 2,867 | |
Provision for income tax | 694 | 660 | 1,009 | |
Net stock-based compensation effects on net income | 2,744 | 2,932 | 1,858 | |
Cost of Sales [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | 362 | 488 | 433 | |
Research and Development Expense [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | [1] | 1,144 | 1,272 | 814 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based Compensation Effect in Income before Taxes | $ 1,932 | $ 1,832 | $ 1,620 | |
[1] | Includes acquisition-related compensation expenses of $249,000 during fiscal 2016. |
Note 10 - Employee Equity Inc77
Note 10 - Employee Equity Incentive Plans - Fair Value and Assumptions (Details) - $ / shares | 12 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||||
Employee Stock Option [Member] | ||||||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 4.48 | $ 4.83 | [1] | $ 5.54 | ||
Risk-free interest rate | 1.60% | 1.80% | [1] | 1.80% | ||
Expected term in years (Year) | 6 years 149 days | 6 years 164 days | [1] | 6 years 91 days | ||
Volatility | 40.60% | 44.90% | [1] | 52.20% | ||
Dividend yield | 0.40% | [2] | 1.20% | [1] | 1.00% | [2] |
Employee Stock Purchase Plan 1999 [Member] | ||||||
Weighted average estimated fair value of grant per share (in dollars per share) | $ 3.28 | $ 3.33 | [3] | $ 2.90 | [3] | |
Risk-free interest rate | 0.40% | 0.10% | [3] | 0.10% | [3] | |
Expected term in years (Year) | 273 days | 182 days | [3] | 182 days | [3] | |
Volatility | 37.50% | 39.80% | [3] | 36.90% | [3] | |
Dividend yield | 0.70% | 1.10% | [2],[3] | 1.10% | [3] | |
[1] | No stock options were granted during the quarter ended December 31, 2015. | |||||
[2] | No dividends were declared for the quarters ended September 30, 2016 and December 31, 2016. | |||||
[3] | Under the stock purchase plan, rights to purchase shares are only granted during the first and third quarters of each fiscal year. |
Note 10 - Employee Equity Inc78
Note 10 - Employee Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Shares available for grant, beginning balance (in shares) | 637,500 | 1,747,000 | 1,930,250 | ||
Options outstanding, beginning balance (in shares) | [1] | 5,234,397 | 4,942,511 | 5,201,635 | |
Weighted average exercise price per share, beginning balance (in dollars per share) | $ 10.40 | $ 10.37 | $ 10.22 | ||
Options outstanding, intrinsic value | [2] | $ 19,570 | $ 6,456 | $ 10,831 | $ 8,658 |
New shares authorized (3) (in shares) | [3] | 2,000,000 | |||
Shares available for grant, options granted (in shares) | (746,000) | (1,124,000) | (249,000) | ||
Options granted (in shares) | [1] | 746,000 | 1,124,000 | 249,000 | |
Weighted average exercise price per share, options granted (in dollars per share) | $ 11.06 | $ 11.72 | $ 11.83 | ||
Options exercised (in shares) | [1] | (859,852) | (382,826) | (339,374) | |
Options exercised, intrinsic value | [2] | $ 3,112 | $ 1,551 | $ 1,310 | |
Weighted average exercise price per share, options exercised (in dollars per share) | $ 9.10 | $ 9.02 | $ 8.62 | ||
Shares available for grant, options cancelled (in shares) | 7,500 | 14,500 | 39,750 | ||
Options cancelled (in shares) | [1] | (7,500) | (14,500) | (94,250) | |
Weighted average exercise price per share, options cancelled (in dollars per share) | $ 13.37 | $ 11.31 | $ 11.46 | ||
Shares available for grant, options expired (in shares) | 22,500 | 26,000 | |||
Options expired (in shares) | [1] | (27,500) | (434,788) | (74,500) | |
Weighted average exercise price per share, options expired (in dollars per share) | $ 11.81 | $ 14.68 | $ 11.17 | ||
Shares available for grant, ending balance (in shares) | 1,921,500 | 637,500 | 1,747,000 | ||
Options outstanding, ending balance (in shares) | [1] | 5,085,545 | 5,234,397 | 4,942,511 | |
Weighted average exercise price per share, ending balance (in dollars per share) | $ 10.70 | $ 10.40 | $ 10.37 | ||
[1] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. | ||||
[2] | Except for options exercised, these amounts represent the difference between the exercise price and $14.55 per share, the closing price of our stock on March 31, 2017 as reported on the NASDAQ Global Select Market, for all in-the-money, outstanding and exercisable options. | ||||
[3] | On August 26, 2016, our stockholders approved the 2016 Plan, under which 2,000,000 shares of our common stock are reserved for the grant of stock options and other equity incentives. |
Note 10 - Employee Equity Inc79
Note 10 - Employee Equity Incentive Plans - Stock Options by Exercise Price Range (Details) - $ / shares | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Options outstanding, weighted average contractual life (Year) | 5 years 255 days | 5 years 182 days | |||
Options outstanding, weighted average exercise price per share (in dollars per share) | $ 10.70 | $ 10.40 | $ 10.37 | $ 10.22 | |
Options exercisable, number of shares exercisable (in shares) | 3,300,295 | 3,619,563 | |||
Options exercisable weighted average exercise price per share (in dollars per share) | $ 10.34 | $ 9.93 | |||
Exercise price range, lower limit (in dollars per share) | 5.01 | 5.01 | |||
Exercise price range, upper limit (in dollars per share) | $ 14.50 | $ 13.37 | |||
Options outstanding, number of shares outstanding (in shares) | [1] | 5,085,545 | 5,234,397 | 4,942,511 | 5,201,635 |
Exercise Price Range 1 [Member] | |||||
Options outstanding, weighted average contractual life (Year) | 1 year 219 days | 2 years 219 days | |||
Options outstanding, weighted average exercise price per share (in dollars per share) | $ 6.66 | $ 6.63 | |||
Options exercisable, number of shares exercisable (in shares) | 576,500 | 819,897 | |||
Options exercisable weighted average exercise price per share (in dollars per share) | $ 6.66 | $ 6.63 | |||
Exercise price range, lower limit (in dollars per share) | 5.01 | 5.01 | |||
Exercise price range, upper limit (in dollars per share) | $ 7.75 | $ 7.75 | |||
Options outstanding, number of shares outstanding (in shares) | 576,500 | 819,897 | |||
Exercise Price Range 2 [Member] | |||||
Options outstanding, weighted average contractual life (Year) | 4 years 255 days | 4 years 292 days | |||
Options outstanding, weighted average exercise price per share (in dollars per share) | $ 9.30 | $ 9.33 | |||
Options exercisable, number of shares exercisable (in shares) | 783,545 | 1,017,750 | |||
Options exercisable weighted average exercise price per share (in dollars per share) | $ 9.30 | $ 9.29 | |||
Exercise price range, lower limit (in dollars per share) | 7.76 | 7.76 | |||
Exercise price range, upper limit (in dollars per share) | $ 10 | $ 10 | |||
Options outstanding, number of shares outstanding (in shares) | 843,295 | 1,223,500 | |||
Exercise Price Range 3 [Member] | |||||
Options outstanding, weighted average contractual life (Year) | 6 years 328 days | 6 years 219 days | |||
Options outstanding, weighted average exercise price per share (in dollars per share) | $ 11.31 | $ 11.42 | |||
Options exercisable, number of shares exercisable (in shares) | 1,417,000 | 1,331,916 | |||
Options exercisable weighted average exercise price per share (in dollars per share) | $ 11.51 | $ 11.52 | |||
Exercise price range, lower limit (in dollars per share) | 10.01 | 10.01 | |||
Exercise price range, upper limit (in dollars per share) | $ 12.50 | $ 12.50 | |||
Options outstanding, number of shares outstanding (in shares) | 2,890,750 | 2,448,000 | |||
Exercise Price Range 4 [Member] | |||||
Options outstanding, weighted average contractual life (Year) | 5 years 146 days | 6 years 36 days | |||
Options outstanding, weighted average exercise price per share (in dollars per share) | $ 12.95 | $ 12.96 | |||
Options exercisable, number of shares exercisable (in shares) | 523,250 | 450,000 | |||
Options exercisable weighted average exercise price per share (in dollars per share) | $ 12.78 | $ 12.69 | |||
Exercise price range, lower limit (in dollars per share) | 12.51 | 12.51 | |||
Exercise price range, upper limit (in dollars per share) | $ 14.50 | $ 13.37 | |||
Options outstanding, number of shares outstanding (in shares) | 775,000 | 743,000 | |||
[1] | The number of stock options exercised includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Note 11 - Accumulated Other C80
Note 11 - Accumulated Other Comprehensive Income (Loss) - AOCI Change (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Balance | $ 279,295 | $ 267,301 | $ 270,632 |
Other Comprehensive Income (Loss) | (8,279) | 2,822 | (28,117) |
Balance | 297,855 | 279,295 | 267,301 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (10,639) | (13,577) | 10,535 |
Other comprehensive income (loss) before reclassifications | (8,594) | 2,938 | (24,112) |
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | |||
Other Comprehensive Income (Loss) | (8,594) | 2,938 | (24,112) |
Balance | (19,233) | (10,639) | (13,577) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | (82) | 7 | 325 |
Other comprehensive income (loss) before reclassifications | (106) | (362) | (1,536) |
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | (31) | 273 | 1,218 |
Other Comprehensive Income (Loss) | (137) | (89) | (318) |
Balance | (219) | (82) | 7 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (9,545) | (9,518) | (5,831) |
Other comprehensive income (loss) before reclassifications | 196 | (71) | (3,830) |
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | 256 | 44 | 143 |
Other Comprehensive Income (Loss) | 452 | (27) | (3,687) |
Balance | (9,093) | (9,545) | (9,518) |
AOCI Attributable to Parent [Member] | |||
Balance | (20,266) | (23,088) | 5,029 |
Other comprehensive income (loss) before reclassifications | (8,504) | 2,505 | (29,478) |
Net gain (loss) reclassified from accumulated other comprehensive income (loss) | 225 | 317 | 1,361 |
Other Comprehensive Income (Loss) | (8,279) | 2,822 | (28,117) |
Balance | $ (28,545) | $ (20,266) | $ (23,088) |
Note 11 - Accumulated Other C81
Note 11 - Accumulated Other Comprehensive (Loss) - AOCI Reclass (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other income (expense), net | $ 2,328 | $ (915) | $ 4,077 | ||||||||||||
Recognized actuarial loss | 216,541 | 217,451 | 236,802 | ||||||||||||
Income before Income Tax Provision | 28,900 | 23,489 | 30,430 | ||||||||||||
Tax impact | (7,552) | (8,748) | (6,690) | ||||||||||||
Total reclassifications for the year | $ 9,294 | $ 5,100 | $ 3,935 | $ 3,019 | $ 6,197 | $ 2,286 | $ 3,273 | $ 2,985 | 21,348 | 14,741 | 23,740 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Income before Income Tax Provision | (337) | (892) | (2,052) | ||||||||||||
Tax impact | 112 | 575 | 691 | ||||||||||||
Total reclassifications for the year | (225) | (317) | (1,361) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Other income (expense), net | 201 | (1) | 30 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||||||||||||||
Other income (expense), net | (151) | (454) | (1,903) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||||||
Recognized actuarial loss | $ (387) | $ (437) | $ (179) | ||||||||||||
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, "Income Taxes" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. |
Note 12 - Computation of Earn82
Note 12 - Computation of Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 704,000 | 802,000 | 708,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,945,238 | 1,943,420 | 2,357,772 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price | $ 11.79 | $ 12.02 | $ 12.24 |
Note 12 - Computation of Earn83
Note 12 - Computation of Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |||||||||
Net income | $ 9,294 | $ 5,100 | $ 3,935 | $ 3,019 | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | $ 21,348 | $ 14,741 | $ 23,740 | ||||
Weighted average shares - basic (in shares) | 31,724 | 31,558 | 31,490 | 31,401 | 31,441 | 31,487 | 31,651 | 31,746 | 31,544 | 31,579 | 31,531 | ||||||||
Weighted average shares - diluted (in shares) | 32,635 | 32,209 | 32,145 | 32,001 | 32,076 | 32,343 | 32,380 | 32,733 | 32,248 | 32,381 | 32,239 | ||||||||
Net income per share - basic (in dollars per share) | $ 0.29 | [2] | $ 0.16 | [2] | $ 0.12 | [2] | $ 0.10 | [2] | $ 0.20 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.68 | $ 0.47 | $ 0.75 |
Net income per share - diluted (in dollars per share) | $ 0.28 | [2] | $ 0.16 | [2] | $ 0.12 | [2] | $ 0.09 | [2] | $ 0.19 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.66 | $ 0.46 | $ 0.74 |
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, "Income Taxes" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. | ||||||||||||||||||
[2] | The sum of the four quarterly calculations of net income per share is not equal to the annual net income per share due to the use of quarterly weighted average shares used to determine the quarterly net income per share as compared to the annual weighted average shares used to determine the annual net income per share. |
Note 13 - Related Party Trans84
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 12, 2014 | |
Equity Method Investments | $ 11,589 | $ 10,977 | ||
Powersem GmbH [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,900 | 3,400 | $ 4,000 | |
Accounts Receivable, Related Parties | 96 | 99 | ||
Accounts Payable, Related Parties | 72 | 63 | ||
Equity Method Investments | $ 2,500 | 2,500 | ||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Revenue from Related Parties | $ 1,600 | 1,500 | 1,800 | |
EB Tech Ltd [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 347 | 378 | $ 278 | |
Accounts Payable, Related Parties | 35 | 26 | ||
Equity Method Investments | $ 2,600 | 2,700 | ||
Equity Method Investment, Ownership Percentage | 20.00% | |||
ATEC [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 7,800 | 8,000 | ||
Accounts Payable, Related Parties | 996 | 737 | ||
Equity Method Investments | $ 6,500 | $ 5,700 | ||
Equity Method Investment, Ownership Percentage | 24.00% |
Note 14 - Employee Savings an85
Note 14 - Employee Savings and Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Plan 401(k) [Member] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 606 | $ 616 | $ 615 |
Westcode Semiconductor Group Personal Pension [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 241 | $ 278 | $ 287 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.50% |
Note 15 - Segment and Geograp86
Note 15 - Segment and Geographic Information (Details Textual) | 12 Months Ended |
Mar. 31, 2017 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 1 |
Note 15 - Segment and Geograp87
Note 15 - Segment and Geographic Information - Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Revenues | $ 83,372 | $ 79,484 | $ 78,629 | $ 80,638 | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 322,123 | $ 317,209 | $ 338,767 |
UNITED STATES | |||||||||||
Net Revenues | 81,499 | 75,994 | 85,314 | ||||||||
Austria [Member] | |||||||||||
Net Revenues | 2,313 | 1,836 | 2,290 | ||||||||
FINLAND | |||||||||||
Net Revenues | 2,178 | 1,899 | 1,669 | ||||||||
FRANCE | |||||||||||
Net Revenues | 9,553 | 9,076 | 7,917 | ||||||||
GERMANY | |||||||||||
Net Revenues | 37,919 | 33,215 | 32,866 | ||||||||
HUNGARY | |||||||||||
Net Revenues | 1,942 | 2,082 | 2,571 | ||||||||
ITALY | |||||||||||
Net Revenues | 4,091 | 4,328 | 4,645 | ||||||||
NETHERLANDS | |||||||||||
Net Revenues | 4,488 | 3,608 | 2,315 | ||||||||
RUSSIAN FEDERATION | |||||||||||
Net Revenues | 1,263 | 4,773 | 5,051 | ||||||||
SWEDEN | |||||||||||
Net Revenues | 1,694 | 2,155 | 4,460 | ||||||||
SWITZERLAND | |||||||||||
Net Revenues | 2,311 | 2,789 | 2,569 | ||||||||
TURKEY | |||||||||||
Net Revenues | 1,929 | 2,376 | 2,658 | ||||||||
UNITED KINGDOM | |||||||||||
Net Revenues | 14,042 | 13,502 | 19,832 | ||||||||
Other Europe and the Middle East Regions [Member] | |||||||||||
Net Revenues | 10,097 | 10,700 | 11,259 | ||||||||
CHINA | |||||||||||
Net Revenues | 84,447 | 79,575 | 83,597 | ||||||||
INDONESIA | |||||||||||
Net Revenues | 2,160 | 2,128 | 3,224 | ||||||||
JAPAN | |||||||||||
Net Revenues | 6,995 | 9,271 | 8,469 | ||||||||
MALAYSIA [Member] | |||||||||||
Net Revenues | 4,692 | 4,662 | 5,580 | ||||||||
SINGAPORE | |||||||||||
Net Revenues | 13,509 | 12,353 | 11,694 | ||||||||
KOREA, REPUBLIC OF | |||||||||||
Net Revenues | 19,282 | 23,215 | 22,371 | ||||||||
TAIWAN, PROVINCE OF CHINA | |||||||||||
Net Revenues | 2,051 | 3,151 | 2,688 | ||||||||
THAILAND | |||||||||||
Net Revenues | 3,547 | 3,904 | 4,300 | ||||||||
Other Asia Pacific Regions [Member] | |||||||||||
Net Revenues | 1,557 | 1,929 | 1,148 | ||||||||
INDIA | |||||||||||
Net Revenues | 4,315 | 4,293 | 5,163 | ||||||||
Other Rest of the World [Member] | |||||||||||
Net Revenues | $ 4,249 | $ 4,395 | $ 5,117 |
Note 15 - Segment and Geograp88
Note 15 - Segment and Geographic Information - Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Revenues | $ 83,372 | $ 79,484 | $ 78,629 | $ 80,638 | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 322,123 | $ 317,209 | $ 338,767 |
Power Semiconductors [Member] | |||||||||||
Net Revenues | 221,312 | 213,347 | 219,445 | ||||||||
Integrated Circuits [Member] | |||||||||||
Net Revenues | 82,067 | 84,078 | 95,547 | ||||||||
Systems and RF Power Semiconductors [Member] | |||||||||||
Net Revenues | $ 18,744 | $ 19,784 | $ 23,775 |
Note 15 - Segment and Geograp89
Note 15 - Segment and Geographic Information - Customer Concentration Risk (Details) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Sales Revenue, Net [Member] | Distributor 1 [Member] | |||
Concentration risk, percentage | 12.30% | 12.20% | 10.20% |
Sales Revenue, Net [Member] | Distributor 2 [Member] | |||
Concentration risk, percentage | 10.80% | 10.50% | |
Accounts Receivable [Member] | Distributor 1 [Member] | |||
Concentration risk, percentage | 15.20% | 18.20% | |
Accounts Receivable [Member] | Distributor 3 [Member] | |||
Concentration risk, percentage | 10.50% |
Note 15 - Segment and Geograp90
Note 15 - Segment and Geographic Information - Summary of Net Revenues, Net Income of Domestic and Foreign Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |||||
Net Revenues | $ 83,372 | $ 79,484 | $ 78,629 | $ 80,638 | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 322,123 | $ 317,209 | $ 338,767 | ||||
Net income | $ 9,294 | $ 5,100 | $ 3,935 | $ 3,019 | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | 21,348 | 14,741 | 23,740 |
Foreign [Member] | |||||||||||||||
Net Revenues | 148,159 | 159,984 | 188,964 | ||||||||||||
Net income | 17,172 | 11,039 | 21,379 | ||||||||||||
Domestic [Member] | |||||||||||||||
Net Revenues | 173,964 | 157,225 | 149,803 | ||||||||||||
Net income | $ 4,176 | $ 3,702 | $ 2,361 | ||||||||||||
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, "Income Taxes" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. |
Note 15 - Segment and Geograp91
Note 15 - Segment and Geographic Information - Long-lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Property, plant and equipment, net | $ 42,240 | $ 42,623 | $ 42,545 |
UNITED STATES | |||
Property, plant and equipment, net | 25,284 | 26,792 | 27,740 |
GERMANY | |||
Property, plant and equipment, net | 15,594 | 14,506 | 13,228 |
Other Geographic Regions [Member] | |||
Property, plant and equipment, net | $ 1,362 | $ 1,325 | $ 1,577 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 26.00% | 37.00% | 22.00% | |
Effective Income Tax Rate Reconciliation, Out of Period Adjustments, Percent | 6.00% | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,100 | $ (436) | ||
Operating Loss Carryforwards, Valuation Allowance | 16,400 | |||
Unrecognized Tax Benefits | 6,443 | 6,946 | $ 6,952 | $ 6,978 |
Unrecognized Tax Benefits, Period Increase (Decrease) | (503) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 952 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Reversal | 94 | |||
Unrecognized Tax Benefits, Increase (Decrease) in Income Tax Penalties and Interest Accrued | 438 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Reversal During Period | 532 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,000 | 4,100 | ||
Undistributed Earnings of Foreign Subsidiaries | 150,500 | |||
Cash and Cash Equivalents, at Carrying Value | 167,904 | $ 155,806 | ||
Geographic Distribution, Foreign [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 74,000 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 23,400 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 18,600 |
Note 16 - Income Taxes - Geogra
Note 16 - Income Taxes - Geographical Breakdown Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Domestic | $ 7,997 | $ 9,030 | $ 3,390 |
International | 20,903 | 14,459 | 27,040 |
Total | $ 28,900 | $ 23,489 | $ 30,430 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Taxes Provision Breakdown (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Current: | |||
Federal | $ 406 | $ 1,418 | $ 201 |
State | (560) | 126 | 83 |
Foreign | 4,532 | 3,436 | 5,066 |
Current Income Tax Expense (Benefit) | 4,378 | 4,980 | 5,350 |
Deferred: | |||
Federal | 1,867 | 3,554 | 945 |
State | 1,256 | 189 | 20 |
Foreign | 51 | 25 | 375 |
Deferred Income Tax Expense (Benefit) | 3,174 | 3,768 | 1,340 |
Total provision for income tax | $ 7,552 | $ 8,748 | $ 6,690 |
Note 16 - Income Taxes - Effect
Note 16 - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 1.00% | 1.00% | 1.00% |
Expense (benefit) of lower-tax foreign jurisdictions | (17.00%) | (10.00%) | (15.00%) |
Tax credits | (2.00%) | (3.00%) | (1.00%) |
Valuation allowances | 4.00% | 3.00% | |
Permanent items | (5.00%) | ||
Tax reserves | 1.00% | ||
Tax asset write-off | 2.00% | 10.00% | |
Foreign income | 2.00% | 6.00% | 2.00% |
Effective tax provision rate | 26.00% | 37.00% | 22.00% |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax assets: | ||
Reserves and allowances | $ 5,504 | $ 6,018 |
Other liabilities and accruals | 6,297 | 6,176 |
Depreciable assets | 404 | 83 |
Net operating loss carryforwards | 10,236 | 11,675 |
Share-based compensation | 4,721 | 5,098 |
Credits carryforward | 2,188 | 2,440 |
Total deferred tax assets | 29,350 | 31,490 |
Less: Valuation allowances and other reserves | (4,611) | (3,466) |
Net deferred tax assets | $ 24,739 | $ 28,024 |
Note 16 - Income Taxes - Unreco
Note 16 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Beginning Balance | $ 6,946 | $ 6,952 | $ 6,978 |
Lapse of statute of limitations | (1,461) | (772) | (3,070) |
Increases in balances related to tax positions taken during prior periods | 129 | 213 | |
Decreases in balances related to tax positions taken during prior periods | (63) | ||
Increases in balances related to tax positions taken during the current period | 1,021 | 637 | 2,831 |
Ending Balance | $ 6,443 | $ 6,946 | $ 6,952 |
Note 17 - Commitments and Con98
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Leases, Rent Expense, Net | $ 1,500 | $ 1,600 | $ 1,400 |
Restricted Cash and Cash Equivalents, Current | 1,330 | $ 277 | |
Foreign Tax Authority [Member] | Bureau of Internal Revenue [Member] | Tax Year 2010 [Member] | |||
Loss Contingency, Estimate of Possible Loss | 2,500 | ||
Foreign Tax Authority [Member] | Bureau of Internal Revenue [Member] | Tax Year 2011 [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 156 |
Note 17 - Commitments and Con99
Note 17 - Commitments and Contingencies - Commitments (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments, Current | $ 1,350 |
Purchase Obligation, Due in Next Twelve Months | 23,700 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,209 |
Purchase Obligation, Due in Second Year | 2,776 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,087 |
Purchase Obligation, Due in Third Year | 0 |
Operating Leases, Future Minimum Payments, Due in Four Years | 667 |
Purchase Obligation, Due in Fourth Year | 0 |
Operating Leases, Future Minimum Payments, Due in Five Years | 473 |
Purchase Obligation, Due in Fifth Year | 0 |
Operating Leases, Total Minimum Payments | 4,786 |
Purchase Obligation, Total Minimum Payments | $ 26,476 |
Selected Quarterly Financial100
Selected Quarterly Financial Data (Unaudited) (Details Textual) $ in Millions | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 1.4 |
Selected Quarterly Financial101
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |||||||||
Operating income | $ 9,233 | $ 7,819 | $ 6,771 | $ 5,029 | $ 6,834 | $ 6,262 | $ 7,033 | $ 5,704 | $ 28,852 | $ 25,833 | $ 27,510 | ||||||||
Net income | $ 9,294 | $ 5,100 | $ 3,935 | $ 3,019 | $ 6,197 | [1] | $ 2,286 | [1] | $ 3,273 | [1] | $ 2,985 | [1] | $ 21,348 | $ 14,741 | $ 23,740 | ||||
Net income per share - basic (in dollars per share) | $ 0.29 | [2] | $ 0.16 | [2] | $ 0.12 | [2] | $ 0.10 | [2] | $ 0.20 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.68 | $ 0.47 | $ 0.75 |
Net income per share - diluted (in dollars per share) | $ 0.28 | [2] | $ 0.16 | [2] | $ 0.12 | [2] | $ 0.09 | [2] | $ 0.19 | [2] | $ 0.07 | [2] | $ 0.10 | [2] | $ 0.09 | [2] | $ 0.66 | $ 0.46 | $ 0.74 |
Weighted average shares - basic (in shares) | 31,724 | 31,558 | 31,490 | 31,401 | 31,441 | 31,487 | 31,651 | 31,746 | 31,544 | 31,579 | 31,531 | ||||||||
Weighted average shares - diluted (in shares) | 32,635 | 32,209 | 32,145 | 32,001 | 32,076 | 32,343 | 32,380 | 32,733 | 32,248 | 32,381 | 32,239 | ||||||||
Net Revenues | $ 83,372 | $ 79,484 | $ 78,629 | $ 80,638 | $ 79,772 | $ 75,133 | $ 80,257 | $ 82,047 | $ 322,123 | $ 317,209 | $ 338,767 | ||||||||
Gross profit | $ 29,194 | $ 26,939 | $ 25,455 | $ 23,994 | $ 24,115 | $ 24,029 | $ 26,012 | $ 25,602 | $ 105,582 | $ 99,758 | $ 101,965 | ||||||||
[1] | During the fiscal year ended March 31, 2016, we recorded out-of-period adjustments that increased the income tax provision by a net amount of $1.4 million. See Note 16, "Income Taxes" in the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for further discussion of an out-of-period adjustment during the quarter ended December 31, 2015. | ||||||||||||||||||
[2] | The sum of the four quarterly calculations of net income per share is not equal to the annual net income per share due to the use of quarterly weighted average shares used to determine the quarterly net income per share as compared to the annual weighted average shares used to determine the annual net income per share. |